Rail corrugation is a degradation phenomenon that manifests as a quasi-periodic irregularity on the running surface of the rail. It is a critical problem for urban railway lines because it induces ground-borne vibrations transmitted to the buildings near the infrastructure, causing complaints from the inhabitants. A typical treatment to mitigate the rail corrugation problem is the periodic grinding of the rails, performed by dedicated vehicles. The scheduling of rail maintenance is particularly critical because it can be performed only when the service is interrupted. A procedure for the continuous monitoring of rail corrugation is proposed, based on axlebox acceleration measurements. The rail irregularity is estimated from the measured acceleration by means of a frequency domain model of vertical dynamics of the wheel–rail interaction. The results obtained by using two different methods (a state-of-the-art method and a new one) are compared. Finally, the study of the evolution of the power content of the rail irregularity enables the identification of the track sections where corrugation is developing and rail grinding is necessary.