A system and methodology are provided for enhancing the life and usefulness of a thrust bearing assembly in a submersible pumping system component. The technique utilizes a thrust runner positioned adjacent a thrust bearing in the submersible pumping system component. The thrust runner is rotated relative to the thrust bearing via a shaft. Gas that may accumulate in a lower region beneath the thrust runner is vented through a passageway from the lower region to an upper region above the thrust runner. The gas is vented to help maintain a hydrodynamic fluid film between the thrust runner and the thrust bearing.