Price was born in Seattle, Washington, and was raised Mormon. While attending Norman High School in Oklahoma, she produced and wrote a play called Here Comes the Sun, but she thought acting was "the dumbest career choice anyone could possibly make."
At Stanford University she studied economics and communication and continued to act in school productions as well as a conservatory theater in San Francisco. After a year as an investment banker, Price decided to pursue acting as a profession.
Price’s first acting job was on an episode of Quantum Leap. Her first major role was starring in the series Common Law with Greg Giraldo. Other notable roles include playing Gale Ingersoll in LateLine and Claudia Finnerty in Grounded for Life. She is currently starring alongside Patrick Warburton and David Spade in Rules of Engagement.
Price currently resides in the San Fernando Valley area in California with her second husband Eddie, an ER doctor and her former high school friend, and their daughter Grace.