Born in Brooklyn Heights, New York, Sara is a graduate of St. Ann's School. She has two Wheaten Terriers, enjoys flying and holds a Private Pilot license. In March 1996, Sara was married to Jason Connery (son of Sean Connery) with whom she performed in Bullet to Beijing. In June 1997 they had a son, Dashiell Quinn Connery. The couple divorced in 2002.

Sara got her first major role playing opposite Tom Cruise in Legend, but is best known for her role as Ferris Bueller's girlfriend Sloane Peterson in the 1986 film Ferris Bueller's Day Off. She has also appeared in the miniseries Queenie, Princess Lily in the aforementioned Legend, as well as playing key roles for the Jean-Claude Van Damme film Timecop (winning the "Best Supporting Actress" Saturn Award) and the 1995 Canada-Russia co-production Bullet to Beijing starring Michael Caine.