Hacksaw :
Your equation for tension is identical to mine.
I do not agree with your final statement however.
My first reply should probably have read "modulus of elasticity can be a factor, depending on how the problem is formulated".
I provided three equations, which all relate to either extensible or inextensible strings (or cables). None of them have anything to do with beams. Usually, the term "beam" relates to a bar which can resist bending and/or shear.
The first equation applies to the case where an extensible string (or cable) of initial length LC is fixed between two supports distant L apart, and LC = L.
In this case, ymax = L*(3*w*L/(64EA))^(1/3)
The sag is directly related to E
The second equation applies to the case of an inextensible string, where LC > L
In this case,ymax = L*(5/24)^(1/2)*(1-(1-18/5*(LC-L)/L)^(1/2))^(1/2)
This equation could easily be extended to the case of an extensible string (or cable), in which case you would replace LC with LC*(1+P/(A*E)) where P is given by the next equation - you would then have to iterate to find the solution, but in most cases it would hardly be worth it.
The third equation, which is the same as yours, gives the tension in terms of the sag - and is valid for all cases, as I stated in my second post -including either of the above cases, or the case where the tension has been increased to a higher value.
P = w*l^2/(8*ymax)
So it all depends how the problem is formulated. If the tension is specified, all you need is eqn 3.
If the length of the string (or cable) is specified, then you need eqn 1 or 2 as well.