An agricultural implement includes a frame and a ground engaging tool assembly having a shank rotatably coupled to the frame and a ground engaging tool coupled to the shank. In addition, the agricultural implement includes a monitoring system having a sensor mounted to one of the frame or the ground engaging tool assembly and directed toward a target. The target is the other of the frame or the ground engaging tool assembly, and the sensor is configured to emit an output signal toward the target and to receive a return signal indicative of a measured position of the ground engaging tool assembly relative to the frame. The monitoring system also includes a controller configured to determine that the ground engaging tool assembly is in a deflected position in response to determining that a difference between the measured position and a working position is greater than a threshold value.