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Recently there has been growing interest in sensing by means of optical microring resonators in photonic integrated circuits that are fabricated in silicon-on-insulator (SOI) technology. Taillaert et al. [Proc. SPIE 6619, 661914 (2007)] proposed the use of a silicon-waveguide-based ring resonator as a strain gauge. However, the strong lateral confinement of the light in SOI waveguides and its corresponding modal dispersion where not taken into account. We present a theoretical understanding, as well as experimental results, of strain applied on waveguide-based microresonators, and find that the following effects play important roles: elongation of the racetrack length, modal dispersion of the waveguide, and the strain-induced change in effective refractive index.