A system and method for monitoring operation of a press assembly includes establishing a baseline vibration level for a first location on the press assembly. The baseline vibration level defines a boundary for vibrations beyond which one or more press elements have a reduced life expectancy. Vibrations are measured at the first location and also at a second location during operation of the press. The vibrations measured at the first location are correlated with the vibrations measured at the second location, and a relationship between the vibrations at the first and second locations is established. Vibrations measured at the second location can then be adjusted and compared to the baseline vibration level to determine if adjustments to the press operation need to be made, or if certain press elements will need to be replaced prior to their expected life span.