Polymer foam nanocomposites attract great interest in many wide ranges of biomedical and healthcare monitoring applications. In this study, we investigated the effect of porosity and multi-walled carbon nanotube (MWCNT) content on the piezoresistivity, sensitivity, and mechanical properties of Polydimethylsiloxane (PDMS)/MWCNT foam nanocomposite. The foam nanocomposites were fabricated by particulate leaching method and their electrical and mechanical characteristics were investigated using the different porosity levels (60% and 70%) and different conductive nanofiller contents (0.5 wt.% and 1 wt.%). The foam nanocomposites with 0.5 wt.% MWCNT content and 60% porosity possessed higher pressure sensitivity, higher gage factor, and lower electrical hysteresis along with higher mechanical properties. Moreover, fabricated PDMS/MWCNT foam nanocomposite demonstrated high flexibility, high compressibility, and high recoverability in addition to limited mechanical hysteresis (less than 3%) with a large dynamic sensing range. Contrary to the existing foam nanocomposite samples in the literature, PDMS/MWCNT foam nanocomposites withstood higher pressure ranges (3.5–5 MPa) at limited thickness (average 2.3 mm) without experiencing noticeable macroscopic damage.