A method and a system for monitoring a condition of an elastic element used in a downhole tool are provided. The method comprises acquiring an output signal from a flexible-type sensor installed in the elastic element, the sensor sensing at least one of strain and stress of the elastic element, and estimating a condition of the elastic element based on the output signal from the sensor. The system comprises a flexible-type sensor installed in the elastic element, the sensor sensing at least one of strain and stress of the elastic element and a processor to acquire an output signal from the sensor and estimate a condition of the elastic element based on the output signal from the sensor.