A proximity sensing system is configured to sense proximity of a rotating component in subsea rotating equipment such as pumps, compressors and separators. A plurality of sensing probe modules are included to sense proximity at various locations of the rotating shaft. The probe modules can include a fixed length stinger that can be gas-filled to maintain atmospheric pressure. The probe modules can also be a stinger-less design were the sensor is fixed to an inner pump housing and flexible cable is run through a channel of an outer pump pressure casing to a high pressure penetrator.