A method monitors operation of a disk drive. The method includes providing a disk drive which includes a rotating disk and a head having a read transducer in proximity to a surface of the disk and an adjustment mechanism which controllably adjusts an average relative spacing between the read transducer and the surface. The method further includes generating a read-back signal by reading from the surface using the read transducer. The read-back signal includes a high frequency carrier signal having an envelope that is modulated by a lower frequency signal. The method further includes varying the average relative spacing between the read transducer and the surface using the adjustment mechanism. The method further includes analyzing the envelope in the frequency domain and detecting an emergence of at least one frequency component of the envelope within an air bearing resonance range of frequencies.