A 750W PSU means nothing; it may only draw 60W when the system is idle. You estimated your system will draw 550W maximum; since the PSU is 90% efficient at that load, it will draw 550W/90*100=611W from the UPS. I also presume you'll stop doing whatever draws that much current as soon as there's a power outage.
You should connect the PSU to the UPS, make your system very busy and pull the UPS plug from the wall to ensure the UPS works fine and the PC keeps on working.