The present disclosure is directed to a system and method for detecting damage of a pitch bearing of a wind turbine. The pitch bearing is part of a pitch drive system having a plurality of pitch drive motors. The method includes measuring at least one electrical signal of the pitch drive system. The method also includes processing the electrical signal(s) of the pitch drive system and comparing the electrical signals of the pitch drive system with a baseline threshold. Thus, the method also includes determining whether damage is present in the pitch bearing based, at least in part, on the comparison, wherein the electrical signal(s) exceeding the baseline threshold is indicative of damage in the pitch bearing.