The grinding process is usually one of the last stages in the manufacturing process chain since it can provide superior surface finish and closer dimensional tolerances. However, due to peculiarities of the grinding process, a workpiece material is susceptible to many problems, and demands a reliable real-time monitoring system. Some grinding monitoring systems have been proposed by means of sensors. However, the literature is still scarce in terms of employing time–frequency analysis techniques during the grinding of ceramics. Thus, this paper proposes an application of a low-cost piezoelectric transducer (PZT) in the analysis of the surface quality of ceramic workpieces during the grinding process by means of the frequency–time domain technique along with the ratio of power (ROP) parameter. An integrated, high-cost, commonly-used acoustic emission (AE) sensor was employed in order to compare the results with the low-cost PZT transducer. Tests were performed using a surface grinding machine. Three depth of cut values were selected in order to represent slight, moderate, and severe grinding conditions. Signals were collected at 2 MHz. The short-time Fourier transform (STFT) was studied in order to obtain the frequency variations over time. An analysis of the ROP values was performed in order to establish a correlation with the surface roughness. The ROP values are highly desirable for setting a threshold to detect the workpiece surface quality and for implementing it into a monitoring system. The results using the PZT transducer showed a great similarity to those obtained using the AE sensor.