We propose a dynamical model for description of the nonlinear Faraday rotation experienced by a short pulse propagating in a resonant medium subject to an ultra-strong static magnetic field. Under the assumptions of a sufficiently strong external magnetic field, such that the Zeeman splitting of the quantum system energy levels is large compared to the linewidth of the optical transitions involved and the bandwidth of the incident light, the light effectively interacts with a two-level system. Our numerical simulations show that the Faraday effect under these conditions is significantly distinctive from the one caused by weak to moderately strong magnetic field. Nonlinear coherent effects such as inhomogeneous polarization rotation along the pulse duration and an onset of a circularly polarized stimulated emission and coherent ringing have been demonstrated. Some views on the experimental observation of the predicted phenomena are given.