This paper presents an evaluation study of the feasibility of harvesting energy from rolling tire deformation and using it to supply a tire monitoring device installed within the tire cavity. The developed technique is simulated by using a flexible piezoelectric fiber composite transducer (PFC) adhered onto the tire inner liner acting as the energy harvesting element for tire monitoring systems. The PFC element generates electric charge when strain is applied to it. Tire cyclic deformation, particularly at the contact patch surface due to rolling conditions, can be exploited to harvest energy. Finite element simulations, using Abaqus package, were employed to estimate the available strain energy within the tire structure in order to select the optimum location for the PFC element. Experimental tests were carried out by using an evaluation kit for the energy harvesting element installed within the tire cavity to examine the PFC performance under controlled speed and loading conditions.