The induction motors found in industrial and commercial applications are responsible for most of the energy consumption in the world. These machines are widely used because of their advantages like high efficiency, robustness, and practicality; nevertheless, the occurrence of unexpected faults may affect their proper operation leading to unnecessary breakdowns with economic repercussions. For that reason, the development of methodologies that ensure their proper operation is very important, and in this sense, this paper presents an evaluation of signal entropy as an alternative fault-related feature for detecting faults in induction motors and their kinematic chain. The novelty and contribution lie in calculating a set of entropy-related features from vibration and stator current signals measured from an induction motor operating under different fault conditions. The aim of this work is to identify changes and trends in entropy-related features produced by faulty conditions such as broken rotor bars, damage in bearings, misalignment, unbalance, as well as different severities of uniform wear in gearboxes. The estimated entropy-related features are compared to other classical features in order to determine the sensitivity and potentiality of entropy in providing valuable information that could be useful in future work for developing a complete methodology for identifying and classifying faults. The performed analysis is applied to real experimental data acquired from a laboratory test bench and the obtained results depict that entropy-related features can provide significant information related to particular faults in induction motors and their kinematic chain.