A computer-implemented method of determining health condition of at least one rotating system, the method comprising: receiving, by a processing unit, operational data associated with the rotating system in real-time from one or more sensing units, wherein the operational data comprises parameter values corresponding to an operation of the rotating system; configuring a virtual replica of the rotating system using the operational data; generating simulation results by simulating behavior of the rotating system on at least one simulation instance of the rotating system based on the configured virtual replica of the rotating system, wherein the simulation results are indicative of the behavior of the rotating system and wherein the simulation results are analyzed to determine a deviation in the behavior of the rotating system with respect to an expected behavior of the rotating system; identifying at least one correlation model from among a plurality of correlation models based on the deviation in the behaviour of the rotating system, wherein each correlation models determines one or more correlations between parameter values associated with the rotating system and one or more abnormalities therein; determining an abnormality in a health condition of the rotating system based on the analysis of the simulation results, wherein the abnormality is determined in real-time using the at least one identified correlation model, wherein the at least one identified correlation model and the parameter values indicative of the deviation are used to determine the abnormality, wherein the abnormality corresponds to a health status of at least one internal component of the rotating system; and generating a notification indicating that the health condition of the rotating system is abnormal. receiving, by a processing unit, operational data associated with the rotating system in real-time from one or more sensing units, wherein the operational data comprises parameter values corresponding to an operation of the rotating system; configuring a virtual replica of the rotating system using the operational data; generating simulation results by simulating behavior of the rotating system on at least one simulation instance of the rotating system based on the configured virtual replica of the rotating system, wherein the simulation results are indicative of the behavior of the rotating system and wherein the simulation results are analyzed to determine a deviation in the behavior of the rotating system with respect to an expected behavior of the rotating system; identifying at least one correlation model from among a plurality of correlation models based on the deviation in the behaviour of the rotating system, wherein each correlation models determines one or more correlations between parameter values associated with the rotating system and one or more abnormalities therein; determining an abnormality in a health condition of the rotating system based on the analysis of the simulation results, wherein the abnormality is determined in real-time using the at least one identified correlation model, wherein the at least one identified correlation model and the parameter values indicative of the deviation are used to determine the abnormality, wherein the abnormality corresponds to a health status of at least one internal component of the rotating system; and generating a notification indicating that the health condition of the rotating system is abnormal.