This paper is to analyze and identify damage in gear teeth and rolling element bearings by establishing pattern feature parameters from vibration signatures. In the present work, different damage scenarios involving different combinations of gear tooth damage, bearing damage are considered. Each of the damage scenarios are studied and compared in the time domain, the frequency domain, and the joint time-frequency domain using the FM0 technique, the Fourier Transform, the Wigner-Ville Transform, and the Continuous Wavelet Transform, respectively. Results obtained from the three different signal domains are analyzed to develop indicative parameters and visual presentations that measure the integrity and wellness of the bearing and gear components. The joint time-frequency domain obtained from the continuous wavelet transform has shown to be a superior technique for providing clear visual examination solution for different types of component damages as well as for feature extractions used for computer-based machine health monitoring solution.