In this paper, we deal with a node weighted Steiner Ring Problem (SRP) arising from the deployment of Synchronous Optical Networks (SONET), a standard of transmission using optical fiber technology. The problem is to find a minimum weight cycle (ring) covering a subset of nodes in the network considering node and link weights. We have developed two mathematical models, one of which is stronger than the other in terms of LP bounds, whereas the number of constraints of the weaker one is polynomially bounded. In order to solve the problem optimally, we have developed some preprocessing rules and valid inequalities. We have also prescribed an effective heuristic procedure for providing tight upper bounds. Computational results show that the stronger model is better in terms of computation time, and valid inequalities and preprocessing rules are effective for solving the problem optimally.