In this Letter, we study the mechanical and optical response of a thermoplastic polyurethane blended with 0.5 wt. % of bis(benzoxazolyl)stilbene dye. The mechanochromic behavior of the material is characterized in a uniaxial stress-relaxation test by simultaneously acquiring the applied force, mechanical deformation, and fluorescence emission. To offer insight into the stress-strain response of the polymer-dye blend, we adapt a classical nonlinear constitutive behavior for elastomeric materials that accounts for stress-induced softening. We correlate the fluorescent response with the mechanical strain to demonstrate the possibility of accurate strain sensing for a broad range of deformations during both loading and unloading.