There is an elementary embedding $j:\mathbb{R}\to\mathbb{R}^*$ for
which all the ultrapower embeddings $j_U$ arise naturally as
factors $i_U$ as you request via a universal property, and this would seem to be what
you want. In particular, this $\mathbb{R}^*$ is an ordered field satisfying exactly the same theory as $\mathbb{R}$, and looks very like the ultrapowers $\mathbb{R}^{\mathbb{N}}/U$, but is much larger. This map $j$ may be taken to be elementary with respect to any additional structure placed on $\mathbb{R}$, since actually we have a map $j$ defined on the entire set-theoretic universe.
One way to find a such model $\mathbb{R}^*$ is to realize that since the product $U\times V$ of
ultrafilters on $\mathbb{N}$ is an ultrafilter on $\mathbb{N}\times\mathbb{N}$, we have a natural directed system
of ultrapower embeddings here. Namely, let $I=\beta\mathbb{N}$ and
consider the finite subsets of $I$ as product ultrafilters on
$\mathbb{N}$, with respect to a fixed linear ordering. Since the finite subsets are closed under unions, we
have a corresponding directed system of ultrapower embeddings.
Specifically, all the ultrapowers fit naturally together into a giant directed system, and you may take $\mathbb{X}=\mathbb{R}^*$ as the limit of this system. This gives it a very rich structure indeed, a structure closely connected with the individual $\mathbb{R}^{\mathbb{N}}/U$, taken finitely many at a time with the product ultrafilters, and enjoying the universal property of the limit of those ultrapowers. (I would draw more of the commutative system here, but I'm not sure how much diagrams tex is possible here.)
One can specifically represent the elements of the limit $\mathbb{R}^*$ with
functions $f:\mathbb{N}^{\beta\mathbb{N}}\to
\mathbb{R}$ having finite support. That is, each $f$ depends only
on the coordinates corresponding to finitely many ultrafilters,
and the product of those ultrafilters are used when defining
equivalence $f\equiv g$ and so on. Let $j:\mathbb{R}\to\mathbb{R}^*$ be the
embedding corresponding to this, which is the limit of the
directed system. Every ultrafilter $U\in\beta\mathbb{N}$ has its
ultrapower $j_U:\mathbb{R}\to
\mathbb{R}^{\mathbb{N}}/U$ as a factor of $j$. This idea also underlies the concept of extender embeddings mentioned by Asaf in the comments.
Another different but more concrete way to do it, with a well-ordered iteration, is first to enumerate all the ultrafilters $U_\alpha$ in a well-ordered sequence, and then form
the corresponding iterated ultrapower system $$\mathbb{R}=\mathbb{R}_0\to
\mathbb{R}_1\to\cdots\to\mathbb{R}_\alpha\to\mathbb{R}_{\alpha+1}\to\cdots,$$
where the embedding from $\mathbb{R}_\alpha$ to
$\mathbb{R}_{\alpha+1}$ is the ultrapower by $U_\alpha$, and one takes limits at limit ordinals. The limit
of this system of embeddings produces an elementary map
$j_\infty:\mathbb{R}\to \mathbb{R}^*$, for which the separate
ultrapowers $j_{U_\alpha}$ can be seen to arise as factors.
Finally, let me remark that I object to the idea that the term
"hyperreals" is to be used only for models of the form
$\mathbb{R}^{\mathbb{N}}/U$ for a (nonprincipal) ultrafilter $U$
on $\mathbb{N}$. Rather, this is merely a convenient way to
produce particular models of hyperreals. But there are many more. To my way of thinking,
any elementary extension of the real field $\langle
\mathbb{R},{+},{\cdot},0,1,{\lt}\rangle$ counts as an instance of
the hyperreals, and not all of these arise as ultrapowers by
ultrafilters on $\mathbb{N}$. For example, one can show that the
limit models I describe above are not ultrapowers, and it is also
easy to build models via the Lowenheim-Skolem theorem that are
simply too large to arise as ultrapowers. Furthermore, ultrapowers
always exhibit a certain degree of saturation, such as having
uncountable cofinality, that not all nonstandard extensions of
$\mathbb{R}$ need exhibit.