Systems, methods, and computer-readable media are disclosed for monitoring and diagnosing power system assets. An example method may include triggering, by a gateway device and at a first time, a capture of a first waveform from a first intelligent electronic device (IED) associated with a first asset in a power system. The method may also include transmitting, by the gateway device, the capture of the waveform to a remote device. The method may also include extracting fault features from the first waveform corresponding to different failure modes associated with the asset of the power system. The method may also include determining, based on the features extracted from first waveform, that a fault of a first fault mode has occurred in the asset. The method may also include providing an alert that the fault has been identified, wherein the alert initiates or otherwise facilitates a control action in the power system.