In order to address the above noted problems, embodiments of the present invention use distributed acoustic sensing to monitor the fluid level in an ESP activated well so as to monitor the condition and performance of the ESP. Embodiments of the invention use the ESP as an acoustic source in order to monitor the annulus fluid level within the well and to monitor the frequency of the ESP. Additionally, embodiments of the present invention may use distributed acoustic sensing to monitor the flow rates of the production fluid above and below the ESP to determine the pump's efficiency. In particular, some embodiments utilize one or more optical fibers to measure the acoustic waves generated by the ESP, wherein the fiber cabling has already been deployed along the length of the well. As such, the present invention is a non-invasive, in-situ method for monitoring the condition and performance of an ESP.