A fluid monitoring apparatus and method is disclosed for use in an underground utility vault. Specifically, a system utilizing multiple sensors to determine the total amount and type of fluid present in a utility vault is disclosed. A first sensor located above the fluid detects and determines the overall depth of fluid present. A second sensor, relying on specific properties of the fluid(s) present, is located in contact with the fluids present. The information regarding specific fluid level and type is conveyed to a central location for monitoring.