A method and system for using Equivalent Time Sampling to improve the effective sampling rate of sensor data, and using the improved-resolution data for diagnosis and control. Data samples from existing sensors are provided, where the sampling rate of the existing sensors is not sufficient to accurately characterize the parameters being measured. High-resolution data sets are reconstructed using Equivalent Time Sampling. High-resolution input data sets are used in a system model to simulate the performance of the system being measured. Results from the system model, and high-resolution output data sets from Equivalent Time Sampling, are provided to an estimator, which provides accurate estimation of measured quantities and estimation of quantities not measured. Output from the estimator is used for fault diagnosis and control of the system being measured.