An agricultural implement includes a computing system is configured to identify a plurality of residue pieces present within the portion of the field based on the image data generated by the imaging device. Furthermore, the computing system is configured to determine a number of residue pieces having a length within a first length range and a number of residue pieces of the identified plurality of residue pieces having a length within a second length range. Additionally, the computing system is configured to determine a characteristic length range for the portion of the field, with the characteristic length range corresponding to one of the first length range or the second length range having the greatest number of residue pieces associated therewith. Moreover, the computing system is configured to provide a notification associated with the determined characteristic length range to an operator of the agricultural implement.