A system for monitoring the installation status of shank attachment members of an agricultural implement includes a shank and a shank attachment member coupled to a distal end of the shank. The system also includes a sensor at least partially embedded within the shank at or adjacent to its distal end, with the sensor providing data indicative of an installation status of the shank attachment member relative to the shank. In addition, the system includes a controller communicatively coupled to the sensor, with the controller being configured to determine the installation status of the shank attachment member based on the data received from the sensor.