A monitoring system for a blowout preventer (BOP) includes an ultrasonic transceiver configured to be coupled to a body that supports a movable component of the BOP. The system also includes a reflector configured to be positioned within a channel formed in the body. The ultrasonic transceiver is configured to emit an acoustic wave and the reflector is configured to reflect the acoustic wave to facilitate transmission of the acoustic wave from the ultrasonic transceiver to the movable component of the BOP and to facilitate transmission of a reflected acoustic wave from the movable component to the ultrasonic transceiver to enable the ultrasonic transceiver to generate a first signal indicative of a position of the movable component. The system further includes a controller configured to receive the first signal from the ultrasonic transceiver and to determine the position of the movable component based on the first signal.