Yehualaw, 22, clocked 63 minutes and 43 seconds which cut 19 seconds off the previous mark set by Kenyan Ruth Chepngetich earlier this year.
The Ethiopian was under world record pace all the way.
Her compatriot Jemal Yimer won the Men’s event in 60:29s as he edged out another Ethiopian Tesfahun Akalnew.
Yimer had one second to spare from Akalnew with Kenyan Shadrack Kimining a further second back as he completed an all-African top three.
The Men’s winning time in the World Athletics Label race was two seconds outside the 60:27s course record set by Sir Mo Farah when he won last year’s inaugural event.
However, all the headlines from the Northern Ireland event will go to the new Women’s world record holder Yehualaw, who benefited from excellent work from her male pacemakers on the coastal course around Larne. (BBC)