Magnetoelastic force sensors exhibit high sensitivity and robustness. One commonly used configuration of force sensor with a ring-shaped core was presented by Mohri at al. In this configuration force is applied in the direction of a diameter of the core. However, due to inhomogeneous distribution of stresses, model of such sensor has not been presented yet. This paper is filling the gap presenting a new method of modelling the magnetoelastic effect, which is especially suitable for the finite element method. The presented implementation of proposed model is in good agreement with experimental data and creates new possibilities of modelling other devices utilizing magnetoelastic effect.