A welding-type system is designed for wireless control and for inventory monitoring of welding consumables. The welding-type system includes a power source to produce a welding-type power, wherein the power source is operable in a plurality of operating modes. The welding-type system also includes a controller configured to set a plurality of operating parameters within the power source, at least one wireless monitoring device coupled to the controller, and at least one welding-type consumable associated with a wireless transmitter. The wireless transmitter is configured to emit low frequency magnetic signals having consumable data encoded therein that is indicative of the at least one welding-type consumable. The wireless monitoring device is arranged to communicate with the wireless transmitter by receiving and transmitting the low frequency magnetic signals, with the low frequency magnetic signals being transmitted at a frequency of approximately 131 kHz.