Oil debris sensors are effective tools to monitor wear particles in lubricants. For in situ applications, surrounding noise and vibration interferences often distort the oil debris signature of the sensor. Hence extracting oil debris signatures from sensor signals is a challenging task for wear particle monitoring. In this paper we employ the maximal overlap discrete wavelet transform (MODWT) with optimal decomposition depth to enhance the wear particle monitoring capability. The sensor signal is decomposed by the MODWT into different depths for detecting the wear particle existence. To extract the authentic particle signature with minimal distortion, the root mean square deviation of kurtosis value of the segmented signal residue is adopted as a criterion to obtain the optimal decomposition depth for the MODWT. The proposed approach is evaluated using both simulated and experimental wear particles. The results show that the present method can improve the oil debris monitoring capability without structural upgrade requirements.