A method for monitoring a condition of at least one valve positioned with respect to at least one of a first chamber and a second chamber of a reciprocating compressor is provided. The method includes establishing a compressor operation cycle including a valve opening event, a valve closing event and/or a rod reversal event. A crank angle is determined at each of the valve opening event, the valve closing event and/or the rod reversal event during the compressor operation cycle using at least one of a static pressure input and a machine speed input. The method further include diagnosing a valve leak condition during the compressor operation cycle at the valve closing event, wherein the at least one valve is closed.