A system includes a monitoring and/or protection system that includes an insulation derivation circuit. The insulation derivation circuit is configured to derive a first temperature compensation curve based on a first temperature and a first current, and the monitoring and/or protection system is configured to communicatively couple to a first current sensor configured to sense the first current traversing a first phase of a stator winding of a motor, a generator, or a combination thereof. The insulation derivation circuit is also configured to communicatively couple to a first temperature sensor configured to sense the first temperature of the stator when the stator is energized, and the temperature compensation curve is configured to map a temperature to a leakage dissipation factor.