Probably commemorates Frederick Blackwood, 1st Marquis of Dufferin and Ava, or one of his family. See Ava Street for further details.
The Marquess of Dufferin and Ava was appointed Lord Warden of the Cinque Ports with the official residence as Walmer in Kent - in 1891. A very symbolically important honour within the UK. This prestigious appointment is recognised in the naming of several streets off the Ormeau Road.
Resolved - That the name "Ava Parade" for a new street situated off Ava Street on the property of Sir William Coates and Mr. Harold Coates be approved. (13th May, 1930).