When considering the origin of this street-name and whom it commemorates, there are several different candidates as Russell is a common name, particularly as a surname. Some possibilities can be eliminated with a fair degree of certainty, such as the United Irishman Thomas Russell, who was executed in 1803, as the Belfast authorities did not approve names acknowledging rebels at any period. Names referring to political and historical figures overwhelmingly reflect loyalty to the British crown. For reasons of dating, Lord John Russell (1792-1878) who first became British Prime Minister in 1846, can be discounted since the first mention of the street occurs in 1822, far too early in his career. A clue is offered by the existence nearby of Russel's Entry (sic), first recorded in 1820, also called Russell's Court in 1830 (IHTA xii, 18). The use of the possessive 's in the name of an entry (alley) strongly suggests that the name refers to a landlord who owned the property or to the owner of a business that operated there, cf. Joy's Entry, Pottinger's Entry. Whilst the person in question has not yet been been identified, it seems likely that Russell Street has a similar origin.
It is included in the list of streets in the Belfast Directory 1831-1832 though it is spelt Russel and described as being off Hamilton Place. According to the IHTA, Russell Street features in an 1822 map (Benn plan 1).