We present piezoresistance measurements in modulation doped AlAs quantum wells where the two-dimensional electron system occupies two conduction band valleys with elliptical Fermi contours. Our data demonstrate that, at low temperatures, the strain gauge factor (the fractional change in resistance divided by the samples fractional length change) in this system exceeds 10,000. Moreover, in the presence of a moderate magnetic field perpendicular to the plane of the two-dimensional system, gauge factors up to 56,000 can be achieved. The piezoresistance data can be explained qualitatively by a simple model that takes into account intervalley charge transfer.