A method for monitoring performance of an actuator is provided that includes the steps of: 1) determining an actuator response time constant in a control system, which actuator response time constant is representative of a task time taken by the actuator to complete a selected percentage of a task; 2) determining a rate of change of the actuator response time constant over a predetermined number of events; 3) determining a fault value indicative of when the actuator response time constant will equal or exceed an error time constant using the determined rate of change of the actuator response time constant; and 4) outputting a signal from the control system representative of the determined fault value.