Conductive nanocomposites are often piezoresistive, displaying significant changes in resistance on deformation, making them ideal for use as strain and pressure sensors.Such composites typically consist of ductile polymers filled with conductive nanomaterials, such as graphene nanosheets or carbon nanotubes, and can display sensitivities, or gauge factors, which are much higher than those of traditional metal strain gauges. However, their development has been hampered by the absence of physical models which could be used to fit data, or to optimise sensor performance. Here we develop a simple model which results in equations for nano-composite gauge factor as a function of both filler volume fraction and composite conductivity. These equations can be used to fit experimental data, outputting figures of merit, or predict experimental data once certain physical parameters are known. We have found these equations to match experimental data, both measured here and extracted from the literature, extremely well. Importantly, the model shows the response of composite strain sensors to be more complex than previously thought and shows factors other than the effect of strain on the interparticle resistance to be performance-limiting.