In the process of condition monitoring on rotating machinery using a wireless communication technique, the relative positions of pieces of wireless equipment change due to the Doppler effect, which is caused by high speed rotation with the shaft. In this paper, two installation methods of wireless equipment were proposed. Then, the Doppler frequency shift theory model of wireless equipment in rotational motion was established, and the influence factors on wireless communication were analyzed. Finally, the film pressure of a water-lubricated bearing was monitored using a wireless method. The relationship between bit error rate and shaft speed and the relationship between packet loss rate and shaft speed were studied. The Doppler frequency shift theory model was verified. The theoretical and experimental analysis results show that the Doppler frequency shift relates to the swing circle diameter of wireless equipment, the shaft speed, and the incidence angle of the electromagnetic wave, with the shaft speed as the main influential factor. With a communication frequency of 433 MHz, a wireless method cannot be used to monitor rotating machinery whose rotation speed is near or exceeds 10kr/min. The influence of shaft speed on packet loss rate was greater than that on bit error rate, with the packet loss rate being two or three times bigger than the bit error rate.