An alignment device to facilitate the alignment of a pulley and a sheave. The device may be used to align invention can be used in adjustable sheaves and in sheaves with multiple grooves. The device includes a laser beam generation component with a pulley contact section configured for releasable engagement with an interior surface of the groove of the pulley. The device also includes a laser beam target component with a sheave contact section configured for releasable engagement with an interior surface of the groove of the sheave. When the laser beam generation component and the laser beam target component are positioned facing one another in the pulley and sheave, respectively, the laser beam from the laser beam generation component contacts the target of the laser beam target component and wherein when the laser beam aligns with the target, the pulley and the sheave are aligned.