A device and method for remotely zeroing a hydrostatic pressure compensation device are described which permit a fluid transducer, such as is used in conjunction with an intravenous catheter for the measurement of blood pressure, to be zeroed regardless of its elevation. A hydrostatic pressure compensation tube is placed in closed fluid communication with both faces of the transducer so as to provide the same pressure to each side. As an example, the transducer may measure the deflection with a piezoresistive or piezoelectric crystal or may alternatively utilize a semiconductor membrane with implanted resistive elements. The transducer may be coupled or formed integral to a manifold. In such a device, the transducer may be zeroed at any vertical position.