1. A control module-implemented method for estimating an end of life of a belt transferring torque between at least two rotating members of a belt drive system, comprising: monitoring in a control module a plurality of belt parameters during a life cycle of the belt; determining an instantaneous damage factor of the belt based on the plurality of belt parameters; and estimating an end of life of the belt based on the instantaneous damage factor; and generating a warning indicating a requirement to one of replace and service the belt when the end of life of the belt is estimated.