A system and method for detecting lightning strikes on a wind turbine includes detecting and measuring a parameter that is indicative of a lightning strike, which may be current induced in a conductor as a result of the lightning strike. A current receptor may be located on a component of the wind turbine and electrically coupled to a ground conductor. A current sensor is disposed on the ground conductor and generates a primary current I(p) that is proportional to a lightning strike current flowing through the ground conductor upon a lighting strike on the receptor. A signal converter sub-system is configured to convert the primary current I(p) into a processing signal. A processing sub-system is configured to receive and use the processing signal to determine an actual lightning strike on the wind turbine.