In one embodiment, a diagnostics system is provided. The diagnostics system include a detection system configured to capture acoustic information and contextual information related to a machine component defect. A computing system is coupled to a processor configured to receive the acoustic information and the contextual information from the detection system, select one or more algorithms based at least in part on the contextual information, and retrieve and execute the one or more algorithms to extract one or more characteristic features of the acoustic information. The processor is further configured to generate an acoustic fingerprint based at least in part on the one or more characteristic features of the acoustic information, such that the one or more characteristic features correspond to the machine component defect.