Considering the importance of continually improving the algorithms in aircraft engine diagnostic systems, the present paper proposes and benchmarks a gas-path monitoring and diagnostics framework through the Propulsion Diagnostic Methodology Evaluation Strategy (ProDiMES) software developed by NASA. The algorithm uses fleet-average and individual engine baseline models to compute feature vectors that form a fault classification with healthy and faulty engine classes. Using this classification, a hybrid fault-recognition technique based on regularized extreme learning machines and sparse representation classification was trained and validated to perform both fault detection and fault identification as a common process. The performance of the system was analyzed along with the results of other diagnostic frameworks through four stages of comparison based on different conditions, such as operating regimes, testing data, and metrics (detection, classification, and detection latency). The first three stages were devoted to the independent algorithm development and self-evaluation, while the final stage was related to a blind test case evaluated by NASA. The comparative analysis at all stages shows that the proposed algorithm outperforms all other diagnostic solutions published so far. Considering the advantages and the results obtained, the framework is a promising tool for aircraft engine monitoring and diagnostic systems.