Magnetostriction effects were investigated for three different materials by using a simple, reproducible, and cost-effective method recently developed in our laboratory. The magnetostriction effects were generated by a large oscillating magnetic field produced by a high current 60 Hz ac welder power supply, capable of reaching saturation levels for the material, and then detected by a change in capacitance between a hollow cylindrical sample and a concentric brass ring. This capacitance change was continuously monitored at a high frequency rate by a standard laboratory capacitance bridge meter. The output voltage of the bridge was fed into a storage cathode-ray oscilloscope and its voltage versus time signals were then analyzed by a computer program. Two ferromagnetic rings, constructed of high-speed steels 4620 and 4340, which have proven applicability for use in magnetoelastic torque sensing, were used as the samples for investigating the magnetostriction effects, while a paramagnetic aluminum ring was used for the control sample. Our study showed that the 4340 ring, which had higher nickel, cobalt, and chromium content than that of the 4620 ring, had the largest magnetostriction effect, and that the aluminum ring displayed no magnetostriction effect, as was expected. We have found this experimental method to be both reproducible and sufficient to rank different ferromagnetic materials by their magnetostriction level, which is a significant consideration in producing effective magnetoelastic torque sensors.