I believe that at the present time, most sensors use inductive loops. There is a loop of wire buried in the road surface, and when you move a conductor into the region of the loop, you change its inductance and this gets detected.
For these sensors, doing something which exposes more conductive area to the sensor can help. On a bicycle, tilting it to the side often helps. Also, look for the cuts in the road where the wires are buried. If you see a single loop, putting the rim of the wheel against the edge, and tilting toward the center helps. If you see a double loop (long loop with a line down the center), then putting the wheel on the center line is best.
There are other sorts of sensors (cameras, motion detectors, etc.); I am not sure of their prevalence.
Finally, there are systems which detect particular optical signals from emergency vehicles. I do not believe that these simply look for flashing lights.
-Jon