This disclosure relates to systems and methods for electrical signature analysis of electrical rotating machines. In one embodiment of the disclosure, a method includes ascertaining initial information associated with an electrical rotating machine, assigning a plurality of operational conditions associated with the machine to a plurality of buckets, and recording the electrical data to obtain a pre-defined number of sets of learning data. The method further includes determining, based at least on the initial information and the learning data, that the machine is in a healthy condition, obtaining, based on the learning data, baseline data associated with at the at least one bucket, and generating, based on the baseline data, a threshold associated with the bucket and at least one fault frequency associated with the machine. The method further includes generating, based on the threshold and the baseline data, alarms concerning a state of the electrical rotating machine.