In this study, a comprehensive numerical analysis is conducted on a hybrid plasmonic waveguide (HPWG)-based racetrack ring resonator (RTRR) structure, tailored specifically for refractive index sensing applications. The sensor design optimization yields remarkable results, achieving a sensitivity of 275.7 nm/RIU. Subsequently, the boundaries of sensor performance are pushed even further by integrating a subwavelength grating (SWG) structure into the racetrack configuration, thereby augmenting the light-matter interaction. Of particular note is the pivotal role played by the length of the SWG segment in enhancing device sensitivity. It is observed that a significant sensitivity enhancement can be obtained, with values escalating from 377.1 nm/RIU to 477.7 nm/RIU as the SWG segment length increases from 5 µm to 10 µm, respectively. This investigation underscores the immense potential of HPWG in tandem with SWG for notably enhancing the sensitivity of photonic sensors. These findings not only advance the understanding of these structures but also pave the way for the development of highly efficient sensing devices with unprecedented performance capabilities.