A wearable respiration monitoring system based on Respiratory induction plethysmography (RIP) using a new Polydimethylsiloxane-graphene (PDMS-graphene) compound tensile sensor is proposed. The manufacture procedure of this novel resistance-based tensile sensor is presented together with a wireless acquisition system. The proposed sensor shows a high sensitivity during stretching and a promising cyclic stability for continuous 3,600 cycles. Statistical analysis confirms a high correlation of respiratory rate monitoring between the proposed system and a medical-level instrument. This proposed system based on RIP, using a new PDMS-graphene compound tensile sensor can acquire respiratory signal unobtrusively with high accuracy and satisfactory user experience, and thus has great potential in home monitoring scenarios.