A technique facilitates monitoring of load forces at various locations along a well string. The technique enables determination of loading based on measurement of hydraulic pressures, and the technique may be used to determine axial loading along a variety of downhole completions. A compensating piston may be disposed in a fluid chamber between a housing and a mandrel of one of the completions. The mandrel is slidably received in the housing and the fluid chamber is coupled with a sensor gauge via a pressure communication passage to facilitate accurate measurement of loading via the hydraulic pressures in the fluid chamber. The load forces may be monitored during, for example, landing of an uphole completion into a downhole completion. The sensor gauge also may be used for monitoring other pressures along the overall completion.