A component handling system for use in a wind turbine is described herein. The wind turbine includes a rotor, a drive train assembly supported from a support frame, and a drive shaft that is rotatably coupled between the rotor and the drive train assembly. The component handling system includes a lifting assembly that is removably coupled to a component of the drive train and a lifting device. The lifting assembly is configured to support the component from the lifting device, and includes a plurality of lifting legs extending between the component and the lifting device. An alignment device is coupled to at least one lifting leg of the plurality of lifting legs, and is configured to adjust a length of the at least one lifting leg to adjust an orientation of the component with respect to the drive shaft.