A system and method for electrophysiological monitoring system including a plurality of sensors configured to detect one or more health parameters of a patient and a monitoring device configured to receive a plurality of sensing signals from the sensors and output a monitoring signal representative of an alarm sequence, wherein the alarm sequence comprises a set of alarm events identified in the sensing signals. The system also includes an on-line monitoring module configured to generate a suffix tree data structure in response to the monitoring signal to identify alarm patterns from the set of alarm events and classify the alarm sequence in response to the occurrences of alarm patterns in the alarm sequence. The on-line monitoring module is further configured to alert monitoring personnel of an alarm condition after processing the alarm sequence in real-time.