A welding system includes a power supply coupled to a power source and configured to receive a power signal. The power supply includes power conversion circuitry having one or more silicon-controlled rectifiers (SCRs) and configured to rectify the power signal to generate a DC signal for use in providing welding power. The welding system also includes an SCR detection system configured to receive a signal indicative of an inductor current of the DC signal and a signal indicative of a voltage of the DC signal. The SCR detection system is further configured detect a non-firing, open, or shorted SCR in the one or more SCRs based on the inductor current and the welding voltage of the DC signal.