In machining, current methods for online estimation of cutting parameters heavily rely on piezoelectric dynamometers. Albeit their high precision, integration into industrial environments is limited due to high cost and practical machine mounting constraints. To address this challenge, this study presents an indirect measurement method of the cutting depths in peripheral milling based on acoustic emission sensors. The proposed method involves extracting time-based features from a tailor-made envelope of the acoustic emission signal, identifying transitions between cutting phases from its waveform, and using these features to estimate radial and axial depths of cut through a geometric model of the tool-workpiece contact zone. Experiments show that this method can achieve relative errors below 5% in measuring the depths of cut, approaching the precision levels of piezoelectric dynamometers. This suggests that acoustic emission is an alternative process variable, enriching the spectrum of monitoring systems traditionally dependent on the measurement of cutting forces.