A system for non-destructively estimating a current physical condition of a cordage product in-service, wherein the cordage product is a fiber rope, the system comprising: a distance sensor configured to provide cordage product elongation data indicative of a change in distance between two or more known features of the cordage product; a tension sensor configured to provide applied load data indicative of tension exerted on the cordage product in an axial direction while in-service; and a monitoring device coupled to the distance sensor and the tension sensor, the monitoring device configured to: obtain reference data associated with a physical condition of the cordage product; obtain sensor data associated with the cordage product while in-service handling a load, the sensor data including one or more of the cordage product elongation data and the applied load data; determine an axial stiffness value associated with the cordage product, based on the sensor data, wherein the axial stiffness is based at least in part on a determined elongation of the cordage product that is independent of a known length of the cordage product, and wherein the determined elongation of the cordage product is based on the cordage product elongation data; and estimate a health state of the cordage product based in part on the determined axial stiffness value and the obtained reference data, the health state indicative of the current physical condition of the cordage product. a distance sensor configured to provide cordage product elongation data indicative of a change in distance between two or more known features of the cordage product; a tension sensor configured to provide applied load data indicative of tension exerted on the cordage product in an axial direction while in-service; and a monitoring device coupled to the distance sensor and the tension sensor, the monitoring device configured to: obtain reference data associated with a physical condition of the cordage product; obtain sensor data associated with the cordage product while in-service handling a load, the sensor data including one or more of the cordage product elongation data and the applied load data; determine an axial stiffness value associated with the cordage product, based on the sensor data, wherein the axial stiffness is based at least in part on a determined elongation of the cordage product that is independent of a known length of the cordage product, and wherein the determined elongation of the cordage product is based on the cordage product elongation data; and estimate a health state of the cordage product based in part on the determined axial stiffness value and the obtained reference data, the health state indicative of the current physical condition of the cordage product. obtain reference data associated with a physical condition of the cordage product; obtain sensor data associated with the cordage product while in-service handling a load, the sensor data including one or more of the cordage product elongation data and the applied load data; determine an axial stiffness value associated with the cordage product, based on the sensor data, wherein the axial stiffness is based at least in part on a determined elongation of the cordage product that is independent of a known length of the cordage product, and wherein the determined elongation of the cordage product is based on the cordage product elongation data; and estimate a health state of the cordage product based in part on the determined axial stiffness value and the obtained reference data, the health state indicative of the current physical condition of the cordage product.