A method for predicting bearing failure, wherein the bearing includes an inner race, an outer race, and a plurality of rolling elements between the inner and outer race. The method includes coupling a sensor assembly to the outer race, the sensor assembly including at least one temperature sensor and at least one acoustic sensor, generating a bearing performance model based on an initial signal received from the sensor assembly, receiving a second signal from the sensor assembly, and comparing the second signal to the bearing performance model to predict a bearing failure.