Due to the continuous growth and ubiquity of sensor networks and technologies related to Internet of Things (IoT) as well as the ever increasing need to enhance the safe operation of critical systems (e.g. avionics, aerospace systems, test technologies, and autonomous systems, just to mention a few) there is a demand for standardized health monitoring practices as well as real-time and on-line sensor network diagnostics algorithms. This need has been recognized by important technological entities such as the National Institute of Standards and Technology (NIST), which has led the standardization efforts. To address technology gaps, this paper presents a Health Electronic Data Sheet (HEDS) design that aims to provide a standardized sensor self-diagnostic framework in smart sensors. This paper also covers: (1) baseline sensor failure detection by data centric and (briefly) system centric algorithms; (2) parameter identification that enables algorithm instantiation, execution, and integration within the HEDS; (3) HEDS definition within the IEEE 1451.0 standard (Dot0); and (4) a current application to support safe operation in NASA test facilities.