The work is devoted to the study of the mechanisms of damage accumulation in a polymer composite material (PCM) during fatigue loading. Mechanical testing of a fiberglass sample was carried out by cyclic tension accompanied by registration of acoustic emission (AE). For the recorded AE signals, the Fourier spectra were calculated and used for clustering with Kohonen self-organizing map. Relations between clusters and types of damage in the PCM structure were established. The analysis of the peak frequencies of the Daubechies D14-wavelet components of AE signals was carried out. Obtained results has allows one to describe the processes of destruction in the PCM sample. It has been established that, on the base of local formation of microdamages in the matrix and the fracture of the fibers detected during recording of the AE data, it is possible to predict the destruction of the polymer composite material, while the beginning of a material destruction can be registered if the damage identified as an adhesion failure is observed. Perspectives of application of adaptive fiber-optic AE sensors for structural monitoring of PCMs on the base of preliminary experimental results are considered and discussed.