A system and method for monitoring and controlling the deflection of rotor blades of a wind turbine so as to prevent tower strikes is disclosed. The method includes operating the wind turbine at standard pitch angle settings. Another step includes monitoring a loading condition of the wind turbine over a predetermined time period. A further step includes tracking a number of wind condition deviations of a certain magnitude occurring during a predetermined time period. The method also include altering one or more of the standard pitch settings of the rotor blades in response to the number of wind condition deviations exceeding a wind deviation threshold and/or the loading condition exceeding a loading threshold as an exceedance indicates an increased probability of rotor blade deflection. The method further includes performing one or more additional corrective actions so as to reduce the probability of a rotor blade tower strike.