A health and usage monitoring system for use in monitoring health and usage of one or more components of a vehicle. In various embodiments, the present invention uses at least one roving wireless sensor that can be temporarily placed in a first position to monitor one or more components of the vehicle and then moved to another position to monitor one or more other components of the vehicle, thus reducing the total number of sensors used to monitor the vehicle. In some embodiments, a system according to the present invention may comprise at least one or more roving wireless sensors. Other embodiments may comprise one or more roving wireless sensors used in conjunction with one or more wired sensors. The present invention also provides similar embodiments for a method of monitoring the health and usage of one or more components of a vehicle.