The tire pressure sensors send messages to the Driver Information Center (DIC); they are piezoelectric, meaning that the rotating wheel supplies the power (no batteries as is the case for C5 and C6 models). The TPS system sends one of two messages, one is low tire pressure/flat tire and the second is LTPWS that means that one or more of your TPS is not functioning. The LTPWS light comes on after several minutes of driving once you exceed 25 mph. It will stay on until the engine is turned off. There are 4 tire sensors, each specific for each wheel, i.e. LF, RF, RR, LR. GM changed the TPS during C4 production. The 1989-92 sensors will not work in your 1994. You will need the 1993-96 sensors. Now the bad news. GM no longer makes the TPS and you may have to find used ones. There are no after market TPS for the C4 system. I know that GM no longer has the LF TPS, but I am not sure if GM has any in stock for the RR, LR, and RF. I was able to purchase a RR from Chevy for my 94 in 2006, but had to buy a LF from Taber Used Vette Parts last year. Cost is prohibitive for a new TPS, about $350+ for each TPS. Suggest you check with Superior Chev in Kansas for best GM price if new ones are available (see LT4mans thread on the dealer to get best price). Used TPS run from $100 to $200 each.
You can either run the codes (search the CAC for "how to read codes" on a C4) and the code will tell you which TPS is not functioning, or have your Chevy dealer do it. If GM does not have one in stock, you will have to purchase a used one. Several CACers have them for sale. You need the TPS that is in a beige housing, not the black housing). The TPS is attached to the inside of the wheel with a counter-weighted metal band that wraps around the wheel. Make sure you get the band with any used TPS you purchase.
It is my understanding that there is no way to turn the LPTWS light off in the DIC. You can remove the fuse for the cruise control (it is also for the TPS), but you will be without the cruise control, or you can remove the bulb from the DIC (not easy to do, but can be done). I suggest that you find and install a TPS and keep the system intact. When you read the code, it will give you a number that is referenced to the TPS in the factory service manual (if you own a vette and work on it, you will need the red covered FSM). I recently listed the codes that correspond to each TPS in response to a thread on the subject. If you have the code, post it in this thread or (PM me) and I or others on the site can tell you which TPS is sending the LTPWS message to the DIC. We can also tell you the GM part number for the faulty TPS. In addition, each TPS has a different color label. Blue, yellow, green and orange.
Hope this helps and that you can get the situation resolved. Welcome to the CAC; the members here try to help with any problem.
Barrett