The application of Prognostics and Health Monitoring (PHM) concepts in rail vehicles and railway infrastructure is a rapidly growing field of research, and extensive efforts are being spent with the aim of improving the reliability and availability of railway systems and of substantially reducing maintenance costs by switching from time-based to event-driven maintenance policies. This paper presents the results of a research project in which concepts were developed and demonstrated for the health monitoring of the rolling stock (traction equipment) and of the railway infrastructure (track and overhead equipment). A prototype monitoring system was installed on a E464 locomotive and results were gathered across a time span of 14 months from December 2014 to January 2016