Abstract: A device and method for monitoring machine components, such as bearings, in which micro-electronic monitoring devices are provided in contact with or within the component to be monitored to acquire and transmit performance data, preferably wirelessly, to a receiving device. The acquired information, which may be accompanied by unique monitoring device identification information, may be further processed and presented to an operator in human-interpretable form. The monitoring data acquisition may be conducted over dedicated communications circuits, or may be conducted, for example, by bringing a suitable receiving device, such as a receiver-equipped PDA, within data transmission range of the monitoring devices.