One or more embodiments of the disclosure pertain to a protection and diagnostic system that can generate a trip/alarm signal by executing a diagnostic procedure upon a machine that includes a rotating part. The diagnostic procedure can include using sensors to obtain performance parameters of various tagged critical and/or less critical sub-systems of the machine when the rotating part is rotating determining, in real time, a system performance index of the machine based on the performance parameters using a protection model to determine a sub-system performance index associated with at least one tagged sub-system of the machine determining an asset health index based on combining the system performance index and the sub-system performance index and generating the trip/alarm signal when the asset health index exceeds a threshold value. The protection system can include a protection device configured to receive the trip signal and execute a protective action upon the machine.
