During the past decade, Prognostics and Health Management (PHM) has become an important set of tools in various areas of industry and academic reliability engineering. PHM consists of a variety of mathematical and computational methods used to support data-driven decision-making to increase the safety, availability, and reliability of complex engineering systems. In particular, PHM can provide crucial insight into reliability and safety design improvements for developing technologies where historical performance and failure data are limited. This is the case of hydrogen fueling and storage technologies. This work presents a high-level approach for designing data-driven PHM applications for bulk liquid hydrogen (LH2) storage systems for hydrogen fueling stations. This paper addresses core aspects of the design, development, and implementation of data-driven PHM applications that can improve the reliability assessment of hydrogen components. The analysis focuses on the relationship between data availability and diagnostic/prognostic capabilities; potential challenges; and integration schemes for current risk mitigation measures. We identify potential condition-monitoring data sources for key components in an LH2 storage system, including storage tanks, piping, and pumps. We determine that the short-term goals for the implementation of data-driven models in PHM frameworks in hydrogen systems should focus on developing adequate data collection and analysis strategies, as well as exploring the effect on reliability, safety, and regulations for hydrogen systems. (c) 2022 Hydrogen Energy Publications LLC. Published by Elsevier Ltd. All rights reserved.