A system and method for monitoring tread wear, shock absorber performance, balance condition of a vehicle tire, and/or rotational speed of a vehicle wheel use a sensor (2,4) which senses at least one of radial and lateral acceleration of a tire to provide acceleration signals. To monitor tread wear, at least one processor (14) is provided and is responsive to acceleration signals from the sensor and determines at least one resonance frequency of at least one of the radial and lateral acceleration of the tire, e.g., by taking a Fast Fourier Transform (FFT) of the radial and/or lateral acceleration signals to determine a resonance frequency in the range of 30-60 Hz, compares the determined at least one resonance frequency to at least one stored frequency indicative of no tire wear to determine a frequency shift, and determine tire tread wear on the basis of the frequency shift, and provides an information signal indicative of tire tread wear which is transmitted to a driver information display. To monitor shock absorber performance, the at least one processor determines an amplitude of the Fourier component of the radial acceleration, e.g., in the range of 0.5-2.0 Hz, compares the amplitude to a stored amplitude, e.g., in the range of 0.5-2.0 Hz indicative of a new shock absorber for the vehicle, and determines shock absorber performance on the basis of any change in the amplitude over the stored amplitude, and provides an information signal indicative of shock absorber performance which is transmitted to the driver information display. To monitor a balance condition of a vehicle tire, the at least one processor is responsive to acceleration signals from the sensor and calculates a Discrete Fourier Transform (DFT) of the acceleration signals, e.g., by taking a Fast Fourier Transform (FFT) of the acceleration signals, measured over a time duration longer than a vehicle suspension time constant, determines an amplitude of the Fourier component of the radial acceleration, e.g., in the range of 5-14 Hz, compares the amplitude profiles to a stored amplitude profile, e.g., in the range of 5-14 Hz indicative of a specification predetermined balanced tire for the vehicle, and determines any out of specification predetermined balance condition of the tire on the basis of any increase in the amplitude over the stored amplitude. To monitor wheel rotational speed, a transceiver transmits from the sensor a radial signal frequency, e.g., in the range of 0-25 Hz, indicative of wheel rotational speed to a vehicle controller such as an antilock braking system or an integrated vehicle controller. All of the above frequency ranges may vary with vehicle and tire type.