Development of sensor data based descriptive and prescriptive system involves machine learning tasks like classification and regression. Any such system development requires the involvement of different stake-holders for obtaining features. Such features typically obtained are not interpretable for 1-D sensor signals. Embodiments of the present disclosure provide systems and methods that perform signal analysis for features extraction and interpretation thereof wherein input is raw signal data where origin of a feature is traced to signal data, and mapped to domain/application knowledge. Feature(s) are extracted using deep learning network(s) and machine learning (ML) model(s) are implemented for sensor data analysis to perform causality analysis for prognostics. Layer(s) (say last layer) of Deep Network(s) contains the automatically derived features that can be used for ML tasks. Parameter(s) tuning is performed based on the set of features that were recommended by the system to determined performance of systems (or applications) under consideration.