A system (12) for monitoring the health of one or more bearings (14, 16) of a journal assembly (18) is provided. The system (12) includes a split spacer (46), one or more vibration sensors (48, 50), a speed sensor (52), and a controller (34). The split spacer (46) is configured to be disposed on a shaft (54) of the journal assembly (18), the shaft (54) is configured to support the bearings (14, 16). The vibration sensors (48, 50) are configured to detect vibrations emitted by the bearings (14, 16). The speed sensor (52) is configured to measure the rotational speed of the bearings (14, 16). The controller (34) is configured to electronically communicate with the vibration sensors (48, 50) and the speed sensor (52) and calculate a health status of the bearings (14, 16). The split spacer (46) includes two portions (56, 58) that define a cavity (60) configured to abut the shaft (54) so as to allow the vibration sensors (48, 50) to be disposed inside the split spacer (46) and next to the one or more bearings (14, 16).