In one example embodiment, a gas turbine system includes a gas turbine, a compressor bleed valve, various sensors, and a valve health assessment system. The compressor bleed valve bleeds a portion of air received by the compressor during certain operating modes. The valve health assessment system includes a processor that uses a neural network model to generate a first failure mode predictor of the compressor bleed valve by processing operational data provided by the various sensors. The processor also generates a second failure mode predictor of the compressor bleed valve by using empirical data and a valve transfer function. The processor further generates a third failure mode predictor of the compressor bleed valve by using predictive data and a prediction model. The processor then applies a holistic procedure to the three failure mode predictors to derive a probability of occurrence of a failure in the compressor bleed valve.