An elevator belt position tracking system including a magnetic field producer located in operational proximity to an elevator sheave carrying an elevator belt to produce a magnetic field encompassing the elevator belt, a magnetic sensor located in operational proximity to the sheave carrying the elevator belt, the magnetic sensor comprising a plurality of signal channels spaced apart along a width of the magnetic sensor. The respective signal channels are activated by the proximity of the elevator belt to the signal channels as the elevator belt passes through the magnetic field generated by the magnetic field producer to determine a lateral position of the elevator belt on the sheave.