According to [wikipedia] the approximation $\frac{22}{7}=3.\overline{142857}$ is known since antiquity, and Archimedes proved it is smaller than $\pi$.
Note that you can obtain good rational approximations of $\pi$ by using the continued fraction method. write:
$$\pi=3+\{\pi\}=3+\frac{1}{\frac{1}{\{\pi\}}}=3+\frac{1}{7+\{\frac{1}{\{\pi\}}\}}$$
Up to now we have the approximation $\frac{22}{7}$ But we can take it a step further:
$$3+\frac{1}{7+\{\frac{1}{\{\pi\}}\}}=3+\frac{1}{7+\frac{1}{\frac{1}{\{\frac{1}{\{\pi\}}\}}}}=3+\frac{1}{7+\frac{1}{15+\{\frac{1}{\{\frac{1}{\{\pi\}}\}}\}}}\}$$
Which gives us the approximation $\frac{333}{106}=3.1\overline{4150943396226}$
The next approximation would be $\frac{355}{113}$ and after that we have $\frac{103993}{33102}=3.1\overline{415926530119026040722614947737296840070086399613316}$
Now that I look at it the fraction you gave is $\frac{333}{106}$, which is also one of the convergents of $\pi$. It can be proven that the best approximations (The ones that give the best size of denominator vs accuracy ratio are all convergents.)