If it's power strip, it most likely has a MOV (and a label that includes text to indicate surge suppression). The most common is called a metal oxide varistor (MOV). They typically look like a disc capacitor.
The MOVs are placed inside the surge protector to "absorb" any excess voltage and then act as a "shunt" resistor to divert the excess current to the ground. You already knew that <grin>.
If it's a simple extension cord, I'm befuddled!