A shaft grounding and monitoring system may include a grounding member slidingly engageable with a rotating shaft. An electrical sensor may be configured to be coupled with the grounding member in order to detect an electrical parameter that provides an indication of electricity flowing from the rotating shaft to ground through the grounding member. A processor may be operably coupled with the electrical sensor and may receive and analyze data from the electrical sensor at multiple sampling points taken at different rotational positions of the rotating shaft during multiple revolutions of the rotating shaft. The processor may be configured to develop, over time, a reconstructed waveform representing a compilation of the periodically sampled values of the data from the electrical sensor through one revolution of the rotating shaft.