A system for monitoring an installation status of shank attachment members of agricultural implements may include a shank assembly. The shank assembly may have a shank and at least one mounting element configured to couple the shank to a portion of an agricultural implement. The system may further include a shank attachment member coupled to the shank and a signal transmission device provided in operative association with the shank attachment member. The system may further include an antenna provided in operative association with the shank assembly, where the antenna is configured to receive wireless signals transmitted by the signal transmission device. Additionally, the system may include a controller communicatively coupled to the antenna and configured to determine an installation status of the shank attachment member based at least in part on the wireless signals received by the antenna.