A furnace cooling panel monitoring system utilizes individual cooling panel data to produce critical monitoring data. An exemplary cooling panel monitoring system utilizes the input from a plurality of temperature sensors configured to accurately measure the temperature change of cooling fluid flowing through each individual panel. The change in temperature from the inlet to the outlet of a cooling panel along with the flow rate of the cooling fluid through the panel can be used to calculate the a heat energy dissipation rate of the cooling panel, or heat flux. The flow rate through individual panels is determined by K-values or resistance to flow constants for a given cooling panel. The heat energy dissipation rate for individual panels can be provided to a user through a computer implemented monitoring program in real time. Alerts may be initiated by the computer implemented monitoring program when a threshold value has been exceeded.