A component monitoring system structured to monitor circuit breaker assembly component characteristics is provided. The component monitoring system includes a record assembly, a number of impulse sensor assemblies, a comparison assembly, and an output assembly. The record assembly includes selected nominal data for a selected circuit breaker component. The impulse sensor assemblies are structured to measure a number of actual component characteristics for a substantial portion of the circuit breaker assembly and to transmit actual component characteristic output data. The comparison assembly is structured to receive an electronic signal from the record assembly and the impulse sensor assemblies, to compare each impulse sensor assembly actual component characteristic output data to the selected nominal data and to provide an indication signal as to whether the impulse sensor assembly output data is acceptable when compared to the selected nominal data. The output assembly includes a communication assembly and an output device.