The present disclosure is directed to a method for determining an estimated rotor shaft position of a rotor shaft of a wind turbine. The method includes generating, with a rotor shaft position sensor, a measured rotor shaft position signal associated with a measured rotor shaft position of the rotor shaft. The method also includes generating, with a plurality of accelerometers positioned in an axisymmetric arrangement, a plurality of rotor hub acceleration signals associated with a plurality of rotor hub accelerations of a rotor hub coupled to the rotor shaft. The method further includes determining, with a controller, a phase adjustment based on one of the plurality of rotor hub acceleration signals or a predetermined correction value. Furthermore, the method includes adjusting, with the controller, the measured rotor shaft position by the phase adjustment to determine the estimated rotor shaft position of the rotor.