A system and method of use within a rolling facility comprising a plurality of mill stand assemblies with each assembly further comprising components including liners, chock sets, and rolls. An RFID system utilizes RFID tags on each of the plurality of components in order to track and/or monitor characteristics of either the entire mill stand assembly or individual components thereof. An RFID tag reader may be incorporated within a mill stand or may include portable devices. In one embodiment, RFID tag interrogation occurs both at the mill stand and at a remote site at which bearing assembly occurs. A unique combination of mill stand components can be assembled, identified and monitoring during successive rolling campaigns allowing the mill operator to make adjustments toward improving the quality of rolled product.