High data throughput during real-time vibration monitoring can easily lead to network congestion, insufficient data storage space, heavy computing burden, and high communication costs. As a new computing paradigm, edge computing is deemed to be a good solution to these problems. In this paper, perceptual hashing is proposed as an edge computing form, aiming not only to reduce the data dimensionality but also to extract and represent the machine condition information. A sub-band coding method based on wavelet packet transform, two-dimensional discrete cosine transform, and symbolic aggregate approximation is developed for perceptual vibration hashing. When the sub-band coding method is implemented on a monitoring terminal, the acquired kilobyte-long vibration signal can be transformed into a machine condition hash occupying only a few bytes. Therefore, the efficiency of condition monitoring can benefit from the compactness of the machine condition hash, while comparable diagnostic and prognostic results can still be achieved. The effectiveness of the developed method is verified with two benchmark bearing datasets. Considerations on practical condition monitoring applications are also presented.