This Phase I STTR project will demonstrate the Aerospace System Monitor (ASM). This technology transforms the power distribution network in a spacecraft or aircraft into a multiple-use service, providing not only power distribution but also a diagnostic monitoring capability based on observations of the way in which loads draw power from the distribution service. Careful measurements are made power transients and this data is used to assess system functioning and identify potential faults and failures. In Phase I, ASM measurements will be made on spacecraft components like attitude thruster control valves and a power switching array. An integrated circuit will be constructed with several components running on a single power supply to demonstrate analysis of several components simultaneously. In Phase II, ASM measurements will be made on actual spacecraft.