A computerized monitoring system and method for detecting electrical equipment failure. The system includes a sensor that detects a sound level representative of ultrasonic emissions radiating from electrical equipment to be monitored. A computer system in communication with the sensor is programmed to determine whether the electrical equipment is experiencing one or more of arcing, tracking, or corona based on the sound level detected by the sensor. In some embodiments, the computer system continuously monitors for these conditions based on the sound level detected by the sensor.