<PAGE>   1
    As filed with the Securities and Exchange Commission on December 30, 1996
                                                     Registration No. 333-______
================================================================================
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               ------------------
                                    FORM S-8
                             REGISTRATION STATEMENT
                                      UNDER
                           THE SECURITIES ACT OF 1933
                               ------------------

                                 SRS LABS, INC.
               (Exact name of issuer as specified in its charter)

               DELAWARE                                  33-0714264
     (State or other jurisdiction of        (I.R.S. Employer Identification No.)
      incorporation or organization)

2909 Daimler Street, Santa Ana, California                 92705
 (Address of principal executive offices)                (Zip Code)

                               ------------------

                             STOCK OPTION AGREEMENT
                         DATED JANUARY 19, 1994, BETWEEN
                      SRS LABS, INC. AND STEPHEN V. SEDMAK,
                                   AS AMENDED
                            (Full title of the plan)

                               ------------------
                                 Janet M. Biski
              Vice President, Chief Financial Officer and Secretary
                                 SRS Labs, Inc.
                               2909 Daimler Street
                           Santa Ana, California 92705
                     (Name and address of agent for service)

                                 (714) 442-1070
          (Telephone number, including area code, of agent for service)

                        Copies of all communications to:
                           John F. Della Grotta, Esq.
                      Paul, Hastings, Janofsky & Walker LLP
                                Seventeenth Floor
                              695 Town Center Drive
                        Costa Mesa, California 92626-1924
                                 (714) 668-6210

                               ------------------

                         CALCULATION OF REGISTRATION FEE

<TABLE>
<CAPTION>
====================================================================================================================
                                                     Proposed maximum       Proposed maximum
     Title of securities          Amount to be        offering price           aggregate              Amount of
       to be registered            registered          per share(1)        offering price(1)     registration fee(1)
--------------------------------------------------------------------------------------------------------------------
<S>                            <C>                         <C>                 <C>                     <C>    
   Common Stock, $.001 par     181,032 shares(2)           $0.14               $25,344.48              $100.00
            value
====================================================================================================================
</TABLE>

         (1) Calculated pursuant to Rule 457(h)(1) for the purpose of
calculating the registration fee, and computed based upon the actual price at
which options may be exercised. The calculation of the registration fee yielded
an actual fee of $7.68; the minimum registration fee of $100.00 is therefore
filed herewith.

         (2) As presently constituted, plus such indeterminate number of shares
as may become subject to the Stock Option Agreement dated January 19, 1994,
between SRS Labs, Inc. and Stephen V. Sedmak, as amended (the "Sedmak Option
Agreement") as a result of adjustment provisions set forth in the Sedmak Option
Agreement.


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<PAGE>   2
                                EXPLANATORY NOTE


In accordance with the Note to Part I of Form S-8, the information specified by
Part I has been omitted from this Registration Statement.


<PAGE>   3
                                     PART II

ITEM 3.   INCORPORATION OF DOCUMENTS BY REFERENCE.

          The following documents heretofore filed by SRS Labs, Inc. (the
"Company") with the Securities and Exchange Commission (the "Commission") are
incorporated herein by reference:

          (a)     The Company's Prospectus dated August 8, 1996, filed with the
                  Commission on August 12, 1996, pursuant to Rule 424(b) under
                  the Securities Act of 1933, as amended (the "Securities Act"),
                  containing audited financial statements for the fiscal year
                  ended December 31, 1995;

          (b)     All reports filed with the Commission pursuant to
                  Sections 13(a) or 15(d) of the Securities Exchange Act of
                  1934, as amended (the "Exchange Act"), since December 31,
                  1995; and

          (c)     The description of the Company's common stock, which is
                  contained in the Company's registration statement filed with
                  the Commission pursuant to Section 12 of the Exchange Act,
                  including any amendment or report filed for the purpose of
                  updating such description.

          All reports and other documents subsequently filed by the Company
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment which indicates that all securities
offered hereby have been sold or which deregisters all securities then remaining
unsold hereunder, shall be deemed to be incorporated by reference herein and to
be a part hereof from the date of filing of such reports and documents.

ITEM 4.   DESCRIPTION OF SECURITIES.

          Inapplicable.

ITEM 5.   INTERESTS OF NAMED EXPERTS AND COUNSEL.

          Inapplicable.

ITEM 6.   INDEMNIFICATION OF DIRECTORS AND OFFICERS.

          The Certificate of Incorporation of the Company (the "Certificate")
includes a provision which eliminates the directors' personal liability for
monetary damages to the full extent permitted by Delaware Law or other
applicable law (the "Director Liability Provision"). The Director Liability
Provision eliminates the liability of Directors to the Company and its
stockholders for monetary damages arising out of any violation by a director of
his fiduciary duty of due care. Under Delaware Law, however, the Director
Liability Provision does not eliminate the personal liability of a director for
(i) breach of the director's duty of loyalty, (ii) acts or omissions not in good
faith or involving intentional misconduct or knowing violation of law, (iii)
payment of dividends or repurchases or redemptions of stock other than from
lawfully available funds, or (iv) any transaction from which the director
derived an improper benefit. The Director Liability Provision also does not
affect a director's liability under the federal securities laws or the recovery
of damages by third parties. Furthermore, pursuant to Delaware Law, the
limitation on liability afforded by the Director Liability Provision does not
eliminate a director's personal liability for breach of the director's duty of
due care. Although the directors would not be liable for monetary damages to the
corporation or its stockholders for negligent acts or omissions in exercising
their duty of due care, the directors remain subject to equitable remedies, such
as actions for injunction or rescission, although such remedies, whether as a
result of timeliness or otherwise, may not be effective in all situations.
Furthermore, the Certificate has no effect on any liability arising by virtue of
any act or omission by a director which occurred prior to the effective date of
the reincorporation of the Company from California into Delaware. With regard to
directors who also are officers of the Company, these persons would be insulated
from liability only with respect to their conduct as directors and would not be
insulated from liability for acts or omissions in their capacity as officers.

          Delaware Law provides a detailed statutory framework covering
indemnification of directors, officers, employees or agents of the Company
against liabilities and expenses arising out of legal proceedings brought
against them by reason of their status or service as directors, officers,
employees or agents. Section 145 of the Delaware General Corporation Law
("Section 145") provides that a director, officer, employee or agent of a
corporation (i) 



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<PAGE>   4
shall be indemnified by the corporation for expenses actually and reasonably
incurred in defense of any action or proceeding if such person is sued by reason
of his service to the corporation, to the extent that such person has been
successful in defense of such action or proceeding, or in defense of any claim,
issue or matter raised in such litigation, (ii) may, in actions other than
actions by or in the right of the corporation (such as derivative actions), be
indemnified for expenses actually and reasonably incurred, judgments, fines and
amounts paid in settlement of such litigation, even if he is not successful on
the merits, if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the corporation (and in a criminal
proceeding, if he did not have reasonable cause to believe his conduct was
unlawful), and (iii) may be indemnified by the corporation for expenses actually
and reasonably incurred (but not judgments or settlements) of any action by the
corporation or of a derivative action (such as a suit by a shareholder alleging
a breach by the director or officer of a duty owed to the corporation), even if
he is not successful, provided that he acted in good faith and in a manner
reasonably believed to be in or not opposed to the best interests of the
corporation, provided that no indemnification is permitted without court
approval if the director has been adjudged liable to the corporation.

          Delaware Law also permits a corporation to elect to indemnify its
officers, directors, employees and agents under a broader range of circumstances
than that provided under Section 145. The Certificate contains a provision that
takes full advantage of the permissive Delaware indemnification laws (the
"Indemnification Provision") and provides that: (i) the Company is required to
indemnify its officers and directors to the full extent permitted by law,
including those circumstances in which indemnification would otherwise be
discretionary; (ii) the Company may, by action of the Board of Directors,
provide indemnification to employees and other agents of the Company with the
same scope and effect as the foregoing indemnification of officers and
directors; (iii) the Company may adopt bylaws or enter into one or more
agreements with any person which provide for indemnification greater or
different than that provided in the Certificate; and (iv) the amendment, repeal
or adoption of any provision to the contrary shall require the affirmative vote
of 80% of the shares entitled to vote generally in the election of directors,
voting together as a single class.

          In furtherance of the objectives of the Indemnification Provision, the
Board of Directors and the stockholders have approved the use of a form
Indemnification Agreement. One of the purposes of the Indemnification Agreement
is to attempt to specify the extent to which indemnities may receive
indemnification under circumstances in which indemnification would not otherwise
be specifically provided by Delaware Law. Pursuant to the Indemnification
Agreements, an indemnitee will be entitled to indemnification to the extent
specifically required or permitted by Section 145. In addition, to the maximum
extent permitted by applicable law, an indemnitee will be entitled to
indemnification for any amount which the indemnitee is or becomes legally
obligated to pay relating to or arising out of any claim made against such
person because of any act, failure to act or neglect or breach of duty,
including any actual or alleged error, misstatement or misleading statement,
which such person commits, suffers, permits or acquiesces in while acting in the
indemnitee's position with or on behalf of the Company, whether prior to or
after the date of the Indemnification Agreement. The Company is not required
under the Indemnification Agreements to make payments in connection with any
claim against the indemnitee (except to the extent permitted by Section 145) to
the extent (i) of any fine or similar governmental imposition which the Company
is prohibited by applicable law from paying which results in a final,
unappealable order, or (ii) based upon or attributable to the indemnitee gaining
in fact a personal profit to which he is not legally entitled, including without
limitation profits made from the purchase and sale by the indemnitee of equity
securities of the Company which are recoverable by the Company pursuant to
Section 16(b) of the Exchange Act, and profits arising from transactions in
publicly traded securities of the Company which were effected by the indemnitee
in violation of Section 10(b) of the Exchange Act, or Rule 10b-5 promulgated
thereunder.

ITEM 7.  EXEMPTION FROM REGISTRATION CLAIMED.

         Inapplicable.


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<PAGE>   5
ITEM 8.  EXHIBITS.

         4.1      Stock Option Agreement dated January 19, 1994, between SRS
                  Labs, Inc. and Stephen V. Sedmak, as amended, previously filed
                  as Exhibit 10.13 to the Company's Registration Statement on
                  Form SB-2, Registration number 333-4974-LA (the "Registration
                  Statement"), which is incorporated herein by reference.

         4.2      Certificate of Incorporation of SRS Labs, Inc., a Delaware
                  corporation, certified by the Delaware Secretary of State on
                  June 27, 1996, previously filed as Exhibit 3.1 to the
                  Registration Statement, which is incorporated herein by
                  reference.

         4.3      Bylaws of SRS Labs, Inc., a Delaware corporation, as currently
                  in effect, previously filed as Exhibit 3.2 to the Registration
                  Statement, which is incorporated herein by reference.

         5.       Opinion (and consent) of Paul, Hastings, Janofsky & Walker LLP
                  regarding the legality of the securities being registered
                  hereunder.

        23.1      Consent of Paul, Hastings, Janofsky & Walker LLP (set forth as
                  part of Exhibit 5 above).

        23.2      Consent of Deloitte & Touche LLP, independent auditors.

        24.       Power of Attorney (set forth on page 4).

ITEM 9. UNDERTAKINGS.

        The registrant will:

        (1) File, during any period in which it offers or sells securities, a
        post-effective amendment to this registration statement to include any
        additional or changed material information on the plan of distribution;

        (2) For determining any liability under the Securities Act, treat each
        post-effective amendment as a new registration statement of the
        securities offered, and the offering of the securities at that time to
        be the initial bona fide offering; and

        (3) File a post-effective amendment to remove from registration any of
        the securities that remain unsold at the end of the offering.


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<PAGE>   6
                                   SIGNATURES


          Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Santa Ana, State of California, on this 30th day of
December, 1996.


                                 SRS LABS, INC.


                                 By: /s/ Thomas C.K. Yuen
                                     -----------------------------------------
                                     Thomas C.K. Yuen
                                     Chairman of the Board and Chief Executive
                                     Officer


                                POWER OF ATTORNEY


          KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Thomas C.K. Yuen, Stephen V. Sedmak and
Janet M. Biski, and each of them singly, such person's true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for such person and in such person's name, place and stead, in any and all
capacities (including such person's capacity as a director and/or officer of SRS
Labs, Inc.), to sign any and all amendments to this Registration Statement, and
to file the same, with all exhibits thereto, and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto each said
attorney-in-fact and agent full power and authority to do and perform each and
every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that each said attorney-in-fact and
agent, or their or his substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.

          Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the date indicated:

<TABLE>
<CAPTION>
         Signature                         Title                          Date
         ---------                         -----                          ----
<S>                             <C>                                 <C>
/s/ Thomas C.K. Yuen            Chairman of the Board and Chief     December 30, 1996 
--------------------------      Executive Officer and a Director                                    
Thomas C.K. Yuen                (Principal Executive Officer)               
                                                     
/s/ Stephen V. Sedmak           President and Chief Operating       December 30, 1996
--------------------------      Officer and a Director                             
Stephen V. Sedmak                                               

/s/ Janet M. Biski              Vice President, Chief Financial     December 30, 1996
--------------------------      Officer and Secretary (Principal                  
Janet M. Biski                  Financial and Accounting Officer)      

/s/ John AuYeung                Director                            December 30, 1996
--------------------------                                                       
John AuYeung                                                        

/s/ John Tu                     Director                            December 30, 1996
--------------------------                                                       
John Tu                                                             

/s/ Jeffrey I. Scheinrock       Director                            December 30, 1996
--------------------------                                                       
Jeffrey I. Scheinrock                                                            
</TABLE>


                                       4
<PAGE>   7
                                INDEX TO EXHIBITS




 Exhibit
 Number                            Description
 ------                            -----------

   4.1    Stock Option Agreement dated January 19, 1994, between SRS Labs, Inc.
          and Stephen V. Sedmak, as amended, previously filed as Exhibit 10.13
          to the Company's Registration Statement on Form SB-2, Registration
          number 333-4974-LA (the "Registration Statement"), which is
          incorporated herein by reference.

   4.2    Certificate of Incorporation of SRS Labs, Inc., a Delaware
          corporation, certified by the Delaware Secretary of State on June 27,
          1996, previously filed as Exhibit 3.1 to the Registration Statement,
          which is incorporated herein by reference.

   4.3    Bylaws of SRS Labs, Inc., a Delaware corporation, as currently
          in effect, previously filed as Exhibit 3.2 to the Registration
          Statement, which is incorporated herein by reference.

   5.     Opinion (and consent) of Paul, Hastings, Janofsky & Walker LLP
          regarding the legality of the securities being registered hereunder.

  23.1    Consent of Paul, Hastings, Janofsky & Walker LLP (set forth as
          part of Exhibit 5 above).

  23.2    Consent of Deloitte & Touche LLP, independent auditors.

  24.     Power of Attorney (set forth on page 4).


                                       5