This article outlines the relevance of building online telemetry systems for online monitoring of the technical conditions of rolling mill equipment. Electromechanical systems of the horizontal stand of the plate Mill 5000 are described, when operating in harsh conditions caused by the shock loading when workpieces enter the stand. It is noted that dynamic torque overloads, exceeding the rated motor torque by many-fold, cause the fatigue failure of spindle joints and breakage of rolls. In this regard, the development and implementation of systems for monitoring the elastic torque on spindles are extremely urgent. This issue has long been studied, but the references provide no information on the building principles and hardware composition of such systems. The use of strain gauges connected according to a balanced bridge circuit to measure the elastic torque is justified. This paper’s contribution is the proposed modular principle for building a telemetry monitoring system based on the analysis of known techniques for measuring and transmitting diagnostic data. The developed system structure is provided and the concept of data transfer and processing are explained. This article suggests the inductive power supply of a measuring unit mounted on a shaft without the use of batteries. A hardware structure was developed to be applied in a system for measuring, transmitting, and visualizing signals proportional to the elastic torque, manufactured on the basis of data measuring instruments by leading companies. The specifics of placement and connection of strain gauges are considered. The hardware providing a wireless power supply to the signal encoder and digital data transfer between the transmitter and receiver is described. The results of implementing the system on Mill 5000 are provided. The installation of a telemetry ring and a receiving head for the inductive power supply and data reception is shown. An experimental assessment of the elastic torques occurring when workpieces enter the cage was obtained by implementing a drive control algorithm which provided biting in the drive acceleration mode. The reliability of measuring the elastic torque with an error not exceeding ±5% and the reduction of dynamic loads on the spindle by 1.3–1.5 times due to the elimination of impacts from closing angular gaps in spindle joints was confirmed. This increases the service life of mechanical equipment and reduces the cost of eliminating the accident aftermath. The prospect of modifying the developed system into a cyber-physical system for monitoring the rolling mill’s mechatronic equipment conditions is shown.