A sensing system for a resource recovery system is provided. The sensing system includes at least one sensing sub-assembly and a sensing computing device. The sensing computing device is configured to receive, from the at least one sensing sub-assembly, at least one signal that includes at least one pulse having at least one pulse peak. The sensing computing device is also configured to identify the at least one pulse peak which has a magnitude and a signal-to-noise ratio, and retrieve the at least one pulse peak from the at least one signal using the magnitude and the signal-to-noise ratio of the at least one pulse peak. The sensing computing device is further configured to store the at least one pulse peak within a database that includes one or more pulse peaks, and generate a component report that identifies one or more changes of at least one component.