A method for estimating health and remaining useful life of a hydraulic element of a machine is provided. The method includes determining a charge time of a hydraulic accumulator coupled to the hydraulic element in which a current pressure of a hydraulic fluid in the hydraulic accumulator reaches an upper threshold pressure, the current pressure being measured by a hydraulic accumulator pressure sensor coupled to the processor and the hydraulic accumulator. The method includes determining a discharging flow rate of the hydraulic element based upon the determined charge time of the hydraulic accumulator, a health indicator of the hydraulic element based upon a difference between the discharging flow rate and a stored discharging flow rate. The method includes determining a remaining useful life of the hydraulic element based upon the health indicator of the hydraulic element.