When I first bought the car a few months ago, I drove home, about 225 miles, and the oil pressure gage was reading between 40-60. Recently, the oil pressure gage is pegged high. I figured the pressure sensor was bad, so got under the car to make sure what type of sensor it was, and, damn, there's no oil pressure sensor going into the oil filter housing! The threaded hole is there, but no sensor. Then I looked around the engine bay and found a small silver can with an electrical wire going to the top center of it, located right next to the distributor on the driver side at the back of the intake plenum. Is that the oil pressure sensor? And if so, what's the part number?

 

What motor?
Oil pressure senders are usually on the side of the block.

 

I assume it’s a 305.

 

If I remember right you have 3 oil pressure sending units. One that disables the fuel pump, one that turns on the light and one for the gage. The gage on reminds me of a ten gallon hat. You can search google for "1986 camaro oil gage pressure sensor" At least you can see some pics to know what you are looking for.

 

You don't need to assume, but there were 3 different 305's offred on the IROC-Z in '86. Two fuel injected engines and one with a carb (that was only available on the factory race cars).