A method for automatically updating data associated with a wind turbine based on component self-identification may generally include providing instructions for transmitting a polling signal to an identification sensor associated with a wind turbine component and, in response to the transmission of the polling signal, receiving current configuration data for the wind turbine component from the identification sensor. The method may also include comparing the current configuration data received from the identification sensor to last-known configuration data for the wind turbine component and automatically updating one or more parameter settings associated with operating the wind turbine based on any differences identified between the current configuration data and the last-known configuration data.