A method and system for localizing faults in an industrial process is proposed. The industrial process includes a plurality of components. The method includes receiving structural plant data from an industrial plant. A structured model of the process is generated from the structural plant data. Sensor data measuring characteristics of the plurality of components is also received. Parameters of the structured model are identified from the received sensor data and stored. Faults are detected during operation of the industrial plant utilizing the identified parameters and detecting changes in the parameters by comparing current parameters to stored parameters. The fault information is then displayed via a display to an operator.