Hoop stress alone will not cut it for you. There are two other principal stresses on a wall element: radial, longitudinal.
Radial stress is simply the reaction to internal pressure or load itself. Longitudinal stress is induced by the reactions of the end caps to that internal pressure. With hoop stress then, you have a triaxial loading.
Fortunately for pressure vessels, this is fairly well researched. One of the most useful of models is that of Von Mises-Hencky. Using the above mentioned principal stresses for pressure vessel theory, the Von Mises-Hencky Equation simply states that twice the dot product of wall element stress (i.e. twice the magnitude of stress squared) equals the stress gradient PLUS three times the shear stress squared. Typically the shear stress may be neglected if permissable from outside boundary conditions imposed on the geometry. This reduces the equation somewhat, the gradient pressure is solved by cross product of three dimensional stress vector or by cyclic permutation of vector basis.
Your getting into some very pretty mathematics. Grinding the geometric algebra and a case of beer later, you would arrive at the result:
S = sqrt(3) P [R^2 / (R^2 - 1)] where R=D/d
and D=OD vessel, d=ID vessel, P=internal pressure. This is the triaxial stress state imposed on an element representative of wall for a pressure vessel subject to internal loading, P.
The results, you will find, are extremely accurate. Variations of the Von Mises-Hencky Model are typically given in advanced textbooks dealing with Strength of Materials. I have played with various boundary condition loading, application of a longitudinal force that would counter internal pressure for example, and obtained strain gauge readings under 5% error. Sure wish every engineering problem was so well defined.
Good luck with it.
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada