The present subject matter is directed to systems and methods for detecting rotor asymmetry of a wind turbine. The method includes measuring wind condition at a location downwind of the rotor for a plurality of rotor positions. Another step includes storing the measured wind condition(s) in predetermined wind bins. The method also includes analyzing the stored wind conditions for each of the predetermined wind bins. If a particular wind bin reaches a certain threshold of captured data points, then the method includes determining a variance between each of the stored wind conditions for the predetermined wind bins that have reached the threshold, wherein a variance between any one of the measured wind conditions greater than a predetermined amount is indicative of rotor asymmetry.