A system for collecting and disposing of fluid waste during a medical procedure, comprising: a first reservoir in communication with a vacuum source via a first vacuum line such that the first reservoir is under negative pressure at all times during the medical procedure, the first reservoir in communication with a fluid source via a suction hose, the suction hose drawing fluid from the fluid source into the first reservoir due to the negative pressure within the first reservoir; a second reservoir in communication with the first reservoir via a fluid transfer valve disposed between the first reservoir and the second reservoir, the second reservoir in communication with the vacuum source via a second vacuum line; at least one fluid sensor configured to generate a signal indicative of a volume or mass of the fluid drawn from the fluid source; wherein the fluid transfer valve is operable between an open position and a closed position in response to the signal generated by the at least one fluid sensor, whereby when the fluid transfer valve is in the open position, the fluid passes from the first reservoir into the second reservoir through the opened fluid transfer valve and when the fluid transfer valve is in the closed position, fluid drawn into the first reservoir from the fluid source remains in the first reservoir until the fluid transfer valve is in the open position; and a discharge mechanism disposed between the second reservoir and a drain, the discharge mechanism operable between a collection position and a discharge position in response to the signal generated by the at least one fluid sensor, whereby when the discharge mechanism is in the collection position, the fluid passing into the second reservoir from the first reservoir through the opened fluid transfer valve is collected in the second reservoir, and whereby when the discharge mechanism is in the discharge position, the fluid collected in the second reservoir is discharged to the drain. a first reservoir in communication with a vacuum source via a first vacuum line such that the first reservoir is under negative pressure at all times during the medical procedure, the first reservoir in communication with a fluid source via a suction hose, the suction hose drawing fluid from the fluid source into the first reservoir due to the negative pressure within the first reservoir; a second reservoir in communication with the first reservoir via a fluid transfer valve disposed between the first reservoir and the second reservoir, the second reservoir in communication with the vacuum source via a second vacuum line; at least one fluid sensor configured to generate a signal indicative of a volume or mass of the fluid drawn from the fluid source; wherein the fluid transfer valve is operable between an open position and a closed position in response to the signal generated by the at least one fluid sensor, whereby when the fluid transfer valve is in the open position, the fluid passes from the first reservoir into the second reservoir through the opened fluid transfer valve and when the fluid transfer valve is in the closed position, fluid drawn into the first reservoir from the fluid source remains in the first reservoir until the fluid transfer valve is in the open position; and a discharge mechanism disposed between the second reservoir and a drain, the discharge mechanism operable between a collection position and a discharge position in response to the signal generated by the at least one fluid sensor, whereby when the discharge mechanism is in the collection position, the fluid passing into the second reservoir from the first reservoir through the opened fluid transfer valve is collected in the second reservoir, and whereby when the discharge mechanism is in the discharge position, the fluid collected in the second reservoir is discharged to the drain.