A component monitoring system structured to monitor circuit breaker assembly component characteristics is provided. The component monitoring system includes a record assembly, a number of sensor assemblies, a comparison assembly, and an output assembly. The record assembly includes selected nominal data for a selected circuit breaker component. The sensor assembly is structured to measure a number of actual component characteristics of a selected circuit breaker component and to transmit actual component characteristic output data. The comparison assembly is structured to receive an electronic signal from said record assembly and said sensor assemblies, to compare said sensor assembly actual component characteristic output data to said selected nominal data and to provide an indication signal as to whether said sensor assembly output data is acceptable when compared to the selected nominal data. The output assembly includes a communication assembly and an output device.