Magnetic or electric field sensors are mounted against a material surface and used for stress, strain, and load monitoring of rotating components such as vehicle drive trains. The stationary sensors are mounted at multiple locations around the component and used assess the stress on the component at multiple rotational positions. The sensor response is typically converted into a material property, such as magnetic permeability or electrical conductivity, which accounts for any coating thickness that may be present between the sensor and mounting surface. The sensors are not in direct contact with the rotating component and are typically mounted on an annular material or ring that encircles the rotating component. Measurements of the annular material properties, such as the stress, are related to the stress on the rotating component and discrete features on the component. As a particular example, the rotating component is a planetary gear system, with sensors mounted on the ring gear and the discrete features are carrier plate posts. The sensors are preferably mounted at equal distances around the circumference of the component. The sensors and instrumentation may be removable and reusable for monitoring of additional components.