The frequency domain techniques (also known as “spectral methods”) prove significantly more efficient than the time domain fatigue life calculations, especially when they are used in conjunction with finite element analysis. Frequency domain methods are now well established, and suitable commercial software is commonly available. Among the existing techniques, the methods by Dirlik and by Tovo–Benasciutti (TB) have become the most used. This study presents the historical background and the motivation behind the development of these two spectral methods, by also emphasizing their application and possible limitations. It further presents a brief review of the other spectral methods available for cycle counting directly from the power spectral density of the random loading. Finally, some ideas for future work are suggested.