A method for detecting a failure condition in one or more components of a wind turbine is provided. The method includes actuating, via a controller, an impact device to generate a vibration having a vibration frequency and a vibration magnitude in the one or more components. The method further includes receiving data indicative of the vibration frequency and the vibration magnitude from a sensor communicatively coupled to the controller. The method further includes determining, via the controller, whether the data indicative of the vibration frequency and/or the vibration magnitude is outside of a predetermined vibration range for the one or more components.