The ring tension test (RTT) is an experimental method for determining mechanical behavior in a material’s circumferential or hoop direction. It is a crucial test for testing anisotropic materials with tube geometry, such as nuclear fuel cladding or irradiated pipes. Several RTT configurations exist, each with their own advantages and disadvantages. However, this test is significantly more complex than traditional tensile testing and can be especially sensitive to small differences and inconsistencies in the test setup and geometry, ultimately affecting the derived mechanical properties. Previous research has focused on method development, and little work has been done on understanding the subtle differences between an ideal test and experiments, specifically when the tests are performed on highly irradiated materials in hot cells. In this work, a finite element-based investigation of the RTT is conducted to fill this gap. The two most used test configurations are investigated, comparing their ability to determine accurate material strengths through plastic deformation. Several non-ideal conditions and uncontrollable effects which are likely to occur during experimental testing such as machining tolerances, variations of specimen geometry from nominal dimensions, rotation of specimens and fixturing, and other test setup discrepancies are studied. The sensitivity of measured strengths to these conditions is presented. A mechanics-based approach to describing and correcting raw data to determine actual strengths is also included for one of the configurations, resulting in a robust correction method with highly accurate material strength measurements. Finally, based on these analyses, the hemicylindrical mandrel configuration is recommended with a gauge region oriented at a 45° angle.