A system capable of monitoring a replaceable component is provided. The system includes a controller for controlling operation of the system; programming instructions according to which the system is configured to: accept input of a viable life for the component, calculate an accumulated amount of distress experienced by the component based on each set of previously collected use data associated with each previous use of the component, and determine, based in part on the accumulated amount of distress, a used portion of the viable life that the component has experienced as a result of the previous use(s) thereof and an unused portion of the viable life; and a feedback device configured to provide to an operator of the system an indication of at least one of the unused and used portions of the viable life of the component. Methods of monitoring a replaceable component of a system are also provided.