A lubricant level sensing system comprising: a reservoir assembly comprising: a reservoir having a reservoir volume and configured to store a reservoir volume of lubricant; a pump assembly configured to displace lubricant from the reservoir with a plurality of pump strokes; and a displacement sensor (36a, 36b) disposed in the pump assembly, wherein the displacement sensor (36a, 36b) is configured to sense displacement of a component within the pump assembly and to produce a count signal based on the displacement of the component; a high-level sensor disposed on the reservoir, wherein the high-level sensor produces a reservoir-full signal based on an actual lubricant level being at a reservoir-full level; and a lubricant-level estimator configured to estimate an estimated lubricant level in the reservoir, the lubricant-level estimator comprising: a processor; and a memory encoded with instructions that, when executed by the processor, cause the processor to generate a stroke-count value based on the count signal received from the displacement sensor (36a, 36b), the stroke-count value being a count of the number of pump strokes for an estimation cycle, to recall a reference value from the memory, the reference value being a predicted number of pump strokes required to displace the reservoir volume of lubricant based on an expected volume of lubricant delivered with each pump stroke, and to estimate the estimated lubricant level based on a comparison of the stroke-count value and the reference value. a reservoir assembly comprising: a reservoir having a reservoir volume and configured to store a reservoir volume of lubricant; a pump assembly configured to displace lubricant from the reservoir with a plurality of pump strokes; and a displacement sensor (36a, 36b) disposed in the pump assembly, wherein the displacement sensor (36a, 36b) is configured to sense displacement of a component within the pump assembly and to produce a count signal based on the displacement of the component; a reservoir having a reservoir volume and configured to store a reservoir volume of lubricant; a pump assembly configured to displace lubricant from the reservoir with a plurality of pump strokes; and a displacement sensor (36a, 36b) disposed in the pump assembly, wherein the displacement sensor (36a, 36b) is configured to sense displacement of a component within the pump assembly and to produce a count signal based on the displacement of the component; a high-level sensor disposed on the reservoir, wherein the high-level sensor produces a reservoir-full signal based on an actual lubricant level being at a reservoir-full level; and a lubricant-level estimator configured to estimate an estimated lubricant level in the reservoir, the lubricant-level estimator comprising: a processor; and a memory encoded with instructions that, when executed by the processor, cause the processor to generate a stroke-count value based on the count signal received from the displacement sensor (36a, 36b), the stroke-count value being a count of the number of pump strokes for an estimation cycle, to recall a reference value from the memory, the reference value being a predicted number of pump strokes required to displace the reservoir volume of lubricant based on an expected volume of lubricant delivered with each pump stroke, and to estimate the estimated lubricant level based on a comparison of the stroke-count value and the reference value. a processor; and a memory encoded with instructions that, when executed by the processor, cause the processor to generate a stroke-count value based on the count signal received from the displacement sensor (36a, 36b), the stroke-count value being a count of the number of pump strokes for an estimation cycle, to recall a reference value from the memory, the reference value being a predicted number of pump strokes required to displace the reservoir volume of lubricant based on an expected volume of lubricant delivered with each pump stroke, and to estimate the estimated lubricant level based on a comparison of the stroke-count value and the reference value.