Condition-based maintenance of rotating mechanics requests efficient bearings degradation monitoring. The accuracy of bearings degradation measure depends largely on degradation indicators. To extract efficient indicators, in this paper we propose a method based on the discarded projected space information and piecewise linear representation (PLR) to build three bearings degradation monitoring indicators which are named SDHT2, VSDHT2 and NVSDHT2. The discarded projected space information is measured by the segmented discarded Hotelling T square we propose in this paper. For illustration, the IEEE PHM 2012 benchmark dataset is used in this paper. The results show that the three new indicators are all sensitive and monotonic during the bearings whole lifecycle. They describe the whole degradation process history and carry the real-time information of bearings degradation. And NVSDHT2 is the generalised version of VSDHT2, which is promising to monitor bearings degradation.