A system, method and computer program product for predicting collector flashover is disclosed. The method includes receiving a frame of measured data from a data acquisition system, fitting a statistical model to the measured data wherein the measured data includes a plurality of measured variables measured at multiple time instances. The statistical model and the measured data are used for estimating one or more parameters for the frame wherein the one or more parameters include at least one of field circuit impedance and field current noise. A flashover is predicted based, at least in part, upon the one or more estimated parameter for the frame.