A shaft grounding and monitoring system may include a grounding member slidingly engageable with a rotating shaft. An electrical sensor may be configured to be coupled with the grounding member in order to detect an electrical parameter that provides an indication of electricity flowing from the rotating shaft to ground through the grounding member. A processor may be operably coupled with the electrical sensor and may receive and analyze data from the electrical sensor. The processor may be configured to periodically analyze the data representing the electrical parameter from the electrical sensor at a sampling rate and for a sampling period that is related to a rotation speed of the rotating shaft. A memory may be operably coupled with the processor and may be configured to store data processed by the processor that is representative of the data provided by the electrical sensor.