Placement of structural health monitoring sensors within a coupled bearing assembly. An exemplary structural health monitoring system comprises first and second bearings configured for rotatable positioning along a structure, and a spacer positioned between the first and second bearings. The first and second bearings are placed against opposing sides of the spacer, and have a preload force engaging the respective first and second bearings against the opposing sides of the spacer. A plurality of sensors are coupled to the spacer so as to be positioned between the spacer and at least one of the first and second bearings, the sensors further coupled to at least one of the first and second bearings so as to be configured to monitor a structural health of the at least one of the first and second bearings.