A wearable respiration monitoring system and associated method that is configured to (i) determine three dimensional displacement of the spine of a subject with respect to the axial displacement of the subject's chest wall, (ii) process the three dimensional anatomical data, (iii) determine at least one respiration parameter associated with the monitored subject as a function of the three dimensional anatomical data, and (iv) generate at least one respiration parameter signal representing the respiration parameter.