Below is what worked for me. Thanks to everyone getting me this far.
I am using a Smart-UPS 750 in which the UPS load was not showing but everything else seemed to work (auto shutdown). BE SURE TO SHUT DOWN UNRAID as the UPS will cut power.
1. Download the Smart-UPS Firmware Upgrade Wizard v4.3.1 via https://www.apc.com/us/en/download/document/APC_SUWIZ_431_EN/. Because this is a wizard, it should work for many different models. Double check your model #.
2. Install the utility on a separate Windows laptop and connect the UPS via USB.
3. Run the Firmware Upgrade Wizard, following all default prompts.
4. Select the Firmware that came with the utility. In my case it was UPS 09.8.
5. Allow the UPS and utility to complete (took roughly 8-10 minutes). I believe you can disconnect the USB after the UPS comes back online but I waited for the utility to confirm the version.
6. Plug the USB back into Unraid and turn everything back on.
After that, I followed Aegisnir's instructions located below: