A system and method for monitoring a pitch system of a wind turbine includes monitoring, via one or more first sensors, at least one electrical condition of the pitch system. The method also includes monitoring, via one or more second sensors, at least one mechanical condition of the pitch system. Further, the method includes receiving, via a controller communicatively coupled to the one or more first and second sensors, sensor signals representing the at least one electrical condition and the at least one mechanical condition of the pitch system. Thus, the method includes determining, via the controller, a bearing condition of a pitch bearing of the pitch system based on the at least one electrical condition and the at least one mechanical condition of the pitch system.