I have a blog post all about this here. Here's the code from the article:
Rect rect = new Rect(canvas.RenderSize);
RenderTargetBitmap rtb = new RenderTargetBitmap((int)rect.Right,
(int)rect.Bottom, 96d, 96d, System.Windows.Media.PixelFormats.Default);
rtb.Render(canvas);
//encode as PNG
BitmapEncoder pngEncoder = new PngBitmapEncoder();
pngEncoder.Frames.Add(BitmapFrame.Create(rtb));
//save to memory stream
System.IO.MemoryStream ms = new System.IO.MemoryStream();
pngEncoder.Save(ms);
ms.Close();
System.IO.File.WriteAllBytes("logo.png", ms.ToArray());
Console.WriteLine("Done");