A technique facilitates measuring loads while compensating for the effects of differential pressure. The technique utilizes a load cell comprising a chassis and a sensing element mounted on the chassis. A housing encloses the sensing element in a chamber formed between the chassis and the housing. The housing is connected to the chassis in a manner to transfer loading, e.g. compressive, tensile, and/or torque loading. A pressure compensating piston is positioned within an interior of the chassis and the housing. A plurality of seal points is located in a manner which isolates the sensing element from the effects of differential pressures between the interior and an exterior of the load cell.