No its not called ringing, ringing occurs only on the edges of a fast changing step waveform, like a square wave when sine wave damped oscillations can be seen. What you are seeing is the actual resonance of the series C L and R circuit.
Basically the reactance of the C opposes the reactance of the L, leaving the the voltage across the R equal to the input voltage. I could do the calculations for you but I am too lazy, but they go like this:- If the R = 300 ohms, then at resonance, the current is 1A (I = V/R). But because of the reactance of the C and L being 1000 ohms, with a current of 1A there will be 1 X 1000 volts dropped across each one BUT WITH OPPOSITE SIGNS. Now you can't measure the volt drop across the C because its inside the transducer, you measure the voltage across the L & R. This is why you get such a high voltage. - nothing to worry about!!
Frank