A method includes receiving historical monitoring data for components of a system, the historical monitoring data comprising a plurality of events, each triggered by an associated component, and a plurality of alarms, each triggered by detection of a particular type of condition in the components. The method also includes determining common event sequences in the plurality of events, each event sequence culminating in one of the plurality of alarms. The method further includes correlating the common event sequences into an event pattern. The method also includes receiving a plurality of real-time events triggered by the components. The method additionally includes detecting the event pattern in the plurality of real-time events to predict a potential future instance of the particular type of condition in the components of the system.