A conveyor belt monitoring system is disclosed that uses sensors to measure magnetic disruptions (“events”) in a conveyor belt which are indicative of one or more splice joints, rip panels and reinforcing cord damage. The system may comprise a plurality of sensing components, including coils or Hall Effect sensors for sensing rip panels, splices and generalized reinforcing cord damage. The system may also have RFID-based rip panels and may use RFID chips to identify various belt components. A PLC-based control system may communicate with the aforementioned components via an Ethernet link. Data received by the control system is used to chart belt wear and damage trends and to provide user alarms when signal levels exceed predetermined norms. The system may stop the belt when imminent belt failure is predicted. The PLC-based control system is highly scalable and will integrate easily into existing conveyor control systems and facility-wide monitoring systems.