There is described a shaft shear event detection method. The method comprises storing in memory a shaft oscillation signature determined as a function of known characteristics of the shaft and associated with a shaft shear event; monitoring a rotational speed of the shaft; detecting from the rotational speed an oscillation wave superimposed on the rotational speed by detecting a first period below a lower threshold and a second period above an upper threshold, and detecting a rate of occurrence of the first period and the second period, the oscillation wave having a wave modulation frequency corresponding to the rate of occurrence and a wave modulation amplitude; comparing the oscillation signature to the oscillation wave; and detecting the shaft shear event when the oscillation wave corresponds to the oscillation signature.