Steel wire rope is essential to many rope transport devices. As steel ropes are used, they become damaged, the identification of which is often very difficult or time-consuming. The criteria for retiring steel wire ropes are rigorous—sometimes, ropes that remain fit for further operation are replaced. This article aims to define a novel method of identifying the condition of steel ropes based on their residual magnetic field measurements and their potential use in other industries in the event of damage. This article presents a methodology for detecting discontinuities in steel ropes, which allows for determination of their suitability for further operation. The work uses a rope as a load-bearing element of a personal lift. The initial signal was recorded with a SpinMeter-3D magnetometer. The obtained results were subjected to the extraction of features, the analysis of which allowed identifying the damage. The obtained results enable us to conclude that this procedure is crucial in the context of sustainable development.