It seems likely that this street was named in honour of Robert and Mary Ferguson, especially in light of the connection with Bathgate. Robert Ferguson was born at Bathgate in West Lothian, Scotland, in 1818. From the mid-1870s the couple lived at Sydenham House which stood where Ferguson Drive is today. Ferguson Memorial School (now Belmont Tower), situated further along Belmont Road, was named after Mary Ferguson (History Hub Ulster).
"Resolved — That on the application of the owner, Mr. H. B. Craig, a new street on his property situate off Belmont Road be named Ferguson Drive". (23rd June 1908).