A method of operating a wind converter is provided. The method includes receiving a plurality of forecasted datasets. The forecasted datasets include event signals for the wind converter during fast transient operating conditions (OCs) and operational data for the wind converter having a low sampling rate. The method further includes estimating a converter life consumption during normal OCs and a converter life consumption during the fast transient OCs. Further, the method includes computing a total converter life consumption of the wind converter. Moreover, the method includes predicting, using a remaining useful life (RUL) prediction module, an RUL for the wind converter based on the total converter life consumption. The method further includes adjusting operation of the wind converter by adjusting operating variables of the wind converter.