A pump monitoring system for use in wellbore operations includes a strain gauge that can be positioned on a fluid end of a pump and at least one pressure transducer to measure relative pressure. A computing device can be connected to the strain gauge and the pressure transducers. The computing device executes programming instructions to identify failures of specific valves by correlating the strain signal to an actual pressure associated with the specific valve in the pump section. The processor then determines whether a pump pressure corresponds to the actual pressure associated with the specific valve, and if so, displays an indication that the specific valve in the pump section has failed.