A system for monitoring the installation status of shank attachment members of an agricultural implement includes a shank assembly having a shank extending between a proximal end and a distal end opposite the distal end, with the proximal end of the shank being configured to be coupled to a portion of the agricultural implement. The shank assembly also includes a shank attachment member configured to be coupled to the distal end of the shank. The system further includes a load sensor provided in operative association with the shank assembly and being configured to generate data indicative of a load transmitted through the shank assembly. In addition, the system includes a computing system communicatively coupled to the load sensor, with the computing system being configured to determine an installation status of the shank attachment member relative to the shank based on the data received from the load sensor.