Kneen suggests name is from 'glas' (stream) thus meaning 'farm of the stream' - an apt name for the cascades of water along the stream.
Leech's Guide 1861 has:
A little further on at Ballaglass, the property of W. Haslam, Esq. J.P. is a fine waterfall, surrounded by picturesque woodlands, forming one of the finest cascades in the Island. This noble fall of water arises from the obstruction of a rivulet which flows from the bottom of North Baroole, and reaches the sea south of a beautiful little bay called Cornah. Immediately above the fall a large and elegant water wheel has been erected, connected with a lead mine lately opened.
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Any comments, errors or omissions
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