In one aspect, a system for determining forces exerted on rolling ground engaging components of an agricultural implement may a ground engaging component configured to roll relative to soil within a field as the agricultural implement is moved across the field. A controller of the disclosed system may be configured to control an operation of a braking device such that a braking force is applied to the rolling ground engaging component. When the braking force is being applied to the rolling ground engaging component, the controller may be configured to monitor a rotational speed of the rolling ground engaging component based on measurement signals received from a sensor. Moreover, the controller may be configured to determine a force exerted on the rolling ground engaging component by the soil within the field based on the applied braking force and the monitored rotational speed.