If it's a double-conversion UPS, I would be especially careful to not tie its output "neutral" to the "input" neutral. Without knowing how the UPS is designed internally, there's little to tell you what might happen, no matter the topology. Earth ground will always be earth ground, but the neutral should go through the UPS.
That's fundamentally no different than plugging a computer into a UPS, and then plugging the UPS into the wall outlet. How is connecting a PLC and associated components any different? The fact that the UPS's output is brought to terminal blocks shouldn't make any difference.
-rpoet