A system and method for monitoring a first wire rope and a second wire rope is provided. The first and second wire ropes each include a contact portion that contacts a sheave, a first end portion, and a monitored portion that extends between the contact portion and the first end portion. The sheave electrically connects the contact portions of the first and second wire ropes. The system includes a controller that is electrically connected to each of the first and second wire ropes to form a circuit with the monitored portions of the first and second wire ropes. The controller selectively applies a signal to the monitored portions of the first and second wire ropes and determines an electrical characteristic thereof. The controller uses the determined electrical characteristic to determine a condition of the first and second wire ropes.