Not sure what pressure the oil runs at on these setups, but I would imagine you could use an old school carb fuel pressure gauge, they only go to 10psi or so, so you should be able to monitor 1psi if that's all the pump supplies. They make electronic or mechanical gauges.
Also, putting a LED in line with the power wire SHOULD show when the the pump is actually flowing. I believe if the pump fries, the power will stop passing thru the circuit (atleast that's how someone suggested wiring up the LED for the electronic water pump). I THINK you would wire the led from the ground side, so that when it stops working, power stops passing thru the ground.