In this article, a structural health monitoring system for industrial piping systems is presented that combines global vibration monitoring and local guided wave monitoring within a multichannel and multipurpose measurement system. While vibration monitoring is able to characterize the global condition of the structure due to supports and dampers, the guided wave module is able to find small cracklike defects and corrosive material degradation in crucial error‐prone parts of the components. It can therefore be expected that a combination of the “global” and “local eye” will lead to a monitoring system with significantly increased performance and reliability. At the end of the article, the development of a joint decision support system embedded in an overall lifetime management for industrial piping systems is also described in detail.