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I've been to the Polynesian Cultural Center and it was excellent. Not only do they cover Hawaiian culture, but they also cover the different cultures from a variety of different Polynesian islands. They certainly do the hula as well as a variety of other dances and performances.
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Most every luau offered in Hawaii features hula dancing as part of the entertainment during dinner. You will find luaus offered most nights of the week on Maui and Hawai'i.
As Greg mentioned the Polynesian Cultural Center has hula demopnstrations.
But if you really want to see hula, you need to plan your trip for the week after Easter and attend the Merrie Monarch Festival in Hilo. This is THE hula competition, with dance teams coming from all over the islands and beyond.