A method for monitoring DC link capacitor health includes receiving a plurality of DC link capacitor state variables and determining whether each of the DC link capacitor state variables are less than a threshold value. In response to the DC link capacitor state variable being less than the threshold value, a deviation of each of the DC link capacitor state variables from the threshold value is calculated. The method further includes determining whether each of the deviations of the DC link capacitor state variables occurred within a threshold time. The method further includes calculating a probability of failure of a DC link capacitor. The probability of failure is used to estimate a remaining lifespan of the DC link capacitor.