A method of fault detection of a belt or rope includes connecting a fault detection unit to at least a portion of a belt or rope including a plurality of wires arranged in a plurality of strands and/or cords. At least the portion of the belt or rope is subjected to an AC voltage of high frequency range and an electrical impedance of the portion of the belt or rope is measured via the fault detection unit. Using at least the measured electrical impedance of the portion of the belt or rope, a fault condition of the belt or rope is determined.