Maintenance planning plays a critical role in the process industry, where any unplanned maintenance may lead to a significant loss. Condition monitoring happens to aid maintenance planning and has become an inherent part of the maintenance activity. Physical parameters such as vibration, acoustic emission, current, etc., are used for condition monitoring, out of which vibration is the most preferred parameter and is widely used in the industry. Vibration data is measured near to bearings, which themselves are monitored for their condition, and hence rolling element bearing (REB) is the focus of this study. REBs are monitored for the presence of a fault in them as well as for their severity. Fault diagnosis of REB using harmonic product spectrum (HPS) is proposed in this study. The proposed methodology's novelty lies in the signal pre-processing step, whose output is fed to the HPS method, which is used for defective raceway identification. The efficacy of HPS is assessed with parameter optimized Variational mode decomposition (VMD) and classical bandpass filtering method as pre-processors. It is observed that the HPS delivers better diagnostic results with the VMD method than the bandpass filtering method. Non-dominated sorting particle swarm optimization algorithm is deployed for parameter optimization of VMD. HPS combined with VMD as pre-processor forms an autonomous HPS(AHPS) algorithm, whose input is measured signal and output is defect frequency. The process is so designed that a raw signal, when fed to the algorithm, delivers the result as identification of a defective raceway. Unlike previously developed methods, the proposed method needs no manual intervention. Results obtained from simulated signals and signals recorded through experiments validate that the proposed methodology can be used effectively for fault diagnosis of REB.