A life counter that calculates and records the life utilized of the flywheel in a flywheel energy storage system and indicates when it should be removed from service, based on operational history instead of monitoring for symptoms of failure. The life counter can effectively monitor and measure any or all of the flywheel energy storage system parameters, such as the flywheel structural life, vacuum system life, bearing system life and electronics life. The life counter ensures safe operation of highly stressed flywheels by indicating when the safety margin for the flywheel is reached so that the flywheel energy storage system can be removal from service prior to encountering a risk of catastrophic failure. In some cases, failures may not be preceded by measurable warning symptoms, so removal from service at a calculated end of life would be desirable. The life counter can indicate that the flywheel system should be removed from service by several methods that include triggering an alarm, displaying a reading, altering operation or stopping operation. The life can be indicative of the flywheel structural life, as adjusted by a suitable safety factor, or electronics high power cycle life.