A system and method allow a sensor device that is used in a process stream to be efficiently calibrated and monitored as to its operating condition. The sensor device is a measuring probe with a sensor portion, a memory device and an electrical input/output port, arranged so the memory device is in communication with both the sensor portion and the input/output port. The sensor device may be connected through an electrical connector to either a first external source, such as a personal computer having an input/output port, remote from the process stream, or a second external source, such as a transmitter, proximate to the process stream. Operating software is accessible to at least the first external source for monitoring and calibrating. Database software is accessible to each of the external sources, for storing data on every measuring probe used in the system.