A method for providing overspeed protection for a gas turbine engine having an engine shaft includes monitoring, via an overspeed protection system, a torque of the engine shaft. The method also includes determining, via the overspeed protection system, at least one additional condition of the engine shaft. Further, the method includes determining, via the overspeed protection system, an overspeed condition of the gas turbine engine when the torque of the engine shaft drops below a torque threshold and the at least one additional condition of the engine shaft is indicative of the gas turbine engine being in an operational state. Thus, the overspeed condition is indicative of an above normal rotational speed of the engine shaft. In addition, the method includes initiating a shutdown procedure for the gas turbine engine in response to the determined overspeed condition to reduce the rotational speed of the engine shaft.