In one aspect, a system for controlling the speed of an agricultural implementmay include a work vehicle including a vehicle-based controller, with thevehicle-basedcontroller being configured to adjust a drive parameter of the work vehicle.The system may also include an agricultural implement configured to be towedby thework vehicle. The implement may include a sensor configured to detect anoperational parameter indicative of an orientation of the implement relativeto thework vehicle. The implement may further include an implement-based controllersupported on the implement and being communicatively coupled to the sensor.Theimplement-based controller may be configured to initiate control of the driveparameter of the work vehicle based on sensor data received from the sensor inamanner that adjusts the speed of the implement.