A system for monitoring the health of one or more bearings of a journal assembly is provided. The system includes a split spacer, one or more vibration sensors, a speed sensor, and a controller. The split spacer is configured to be disposed on a shaft of the journal assembly, the shaft is configured to support the bearings. The vibration sensors are configured to detect vibrations emitted by the bearings. The speed sensor is configured to measure the rotational speed of the bearings. The controller is configured to electronically communicate with the vibration sensors and the speed sensor and calculate a health status of the bearings. The split spacer includes two portions that define a cavity configured to abut the shaft so as to allow the vibration sensors to be disposed inside the split spacer and next to the one or more bearings.