In one aspect, a system for monitoring the frame levelness of an agricultural implement include first and second sensors configured to capture data indicative of a position differential defined between a soil surface and a portion of an a first and second ground engaging tool positioned below the soil surface, respectively. The captured data may be associated at least partially with the receipt of sensor signals reflected off of the portion of the associated ground engaging tool positioned below the soil surface. The system may also include a controller configured to determine penetration depths of the first and second ground engaging tools based on the captured data received from the first and second sensors, respectively. The controller may also be configured to monitor the frame levelness based on a penetration depth differential defined between the first and second penetration depths.
