Abstract: A method includes receiving an input signal containing information associated with a rolling element bearing and/or a piece of equipment containing the rolling element bearing. The method also includes decomposing the input signal into a frequency-domain signal and determining at least one family of frequencies corresponding to at least one failure mode of the rolling element bearing. The method further includes generating a reconstructed input signal using the at least one family of frequencies and the frequency-domain signal. In addition, the method includes determining, using the reconstructed input signal, an indicator identifying an overall health of the rolling element bearing. The indicator could be determined using a baseline signal associated with either (i) normal operation of the rolling element bearing and/or the piece of equipment or (ii) defective operation of the rolling element bearing and/or the piece of equipment (where a severity of the defective operation will increase over time).