Systems and methods are provided for monitoring, diagnosis and condition-based maintenance of mechanical systems. The disclosed systems and methods employ intelligent model-based diagnostic methodologies to effectuate such monitoring, diagnosis and maintenance. According to exemplary embodiments of the present disclosure, the intelligent model-based diagnostic methodologies combine or integrate quantitative (analytical) models and graph-based dependency models to enhance diagnostic performance. The disclosed systems and methods may be employed a wide variety of applications, including automotive, aircraft, power systems, manufacturing systems, chemical processes and systems, transportation systems, and industrial machines/equipment.