Soft magnetic amorphous alloys obtained via rapid quenching techniques are widely employed in different technological fields such as magnetic field detection, bio labeling, non-contact positioning, etc. Among them, magnetoelastic applications stand out due to excellent mechanical properties exhibited by these alloys, resulting from their amorphous structure, namely, their high Young modulus and high tensile strength. In particular, the giant stress impedance (GSI) effect represents a powerful tool to develop highly sensitive magnetoelastic sensors. This effect is based on the changes in the high-frequency electric impedance as the result of the variation in magnetic permeability of the sample under the action of mechanical stresses. In this work, the GSI effect is analyzed in two soft magnetic ribbons ((Co_0.93 Fe_0.07)₇₅ Si_12.5 B_12.5 and (Co_0.95 Fe_0.05)₇₅ Si_12.5 B_12.5) for the subsequent development of two practical devices: (i) the characterization of the variations in the cross-section dimensions of irregularly shaped elements, and (ii) the design of a flow meter for measuring the rate of flow of water through a pipe.