This paper describes a magnetoelastic strain sensor based on the ∆E effect and discusses some materials used in its construction. A polycrystalline Fe–Al–B alloy with good quality magnetoelastic properties was used as the transducer and glued to the test object, either brass plates or rods of SAE 1010 steel. The strain-dependent magnetic field of the transducer changes the operating point of the resonator, a strip of field-annealed Metglas 2826MB3, resulting in a modification of its resonant frequency. A model was developed to simulate the strain-dependent magnetic field acting on the resonator and thus to calculate curves of resonant frequency vs. deformation. With the help of this model, differences in the shape of the frequency vs. strain curve can be understood. For a sensor with resonant frequency of 60.5 kHz glued to a rod of SAE 1010 steel, a total resonant frequency variation ∆f ~7 kHz was observed for a deformation of 1100 ppm. The geometry of this sensor is especially favorable for the remote monitoring of a steel surface, such as the wires of the tensile armor of a marine riser.