In one aspect, a system (100) for detecting ground engaging tool float for an agricultural implement (10) may include an implement (10) having a ground engaging tool (38) pivotally coupled to a frame (20) and a biasing element (102) coupled between the frame (20) and the ground engaging tool (38). The biasing element (102) may be configured to bias the ground engaging tool (38) to a predetermined ground engaging tool position relative to the frame (20). The system (100) may also include a sensor (106) configured to detect a parameter indicative of a current position of the ground engaging tool (38) relative to the frame (20). Additionally, the system (100) may include a controller (112) configured to monitor the current position of the ground engaging tool (38) based on measurement signals (118) received from the sensor (106) and identify a time period across which the ground engaging tool (38) is displaced from the predetermined ground engaging tool position. The controller may be further configured to compare the identified time period to a threshold time period to determine when a ground engaging tool float event is occurring during operation of the implement (10).