Abstract: A dampening device for a compensating cable operably engaged with an elevator car is provided, wherein the compensating cable includes two linear portions connected by an arcuate portion. A first guide including at least one roller member is disposed within the arcuate portion and is configured to dampen oscillation of the compensating cable. At least one sensor device is disposed within the arcuate portion and is capable of operably engaging at least one of the compensating cable and the at least one roller member to sense an entanglement condition of the compensating cable. In some instances, at least one sensor device is disposed outside the arcuate portion, in addition to or instead of the at least one sensor within the arcuate portion, and capable of operably engaging the compensating cable to sense a suspension rope stretch condition. An associated system and method are also provided.