1. A system that facilitates dynamic configuration of a welding system with respect to a sensor, comprising: a processing unit associated with the welding system that monitors a local bus associated with the processing unit to automatically detect alteration of the sensor on the local bus; and a configuration component that facilitates configuring the welding system with respect to the sensor upon determining that the sensor is coupled to the local bus, wherein a welding process monitoring application is automatically configured to receive and utilize data from the sensor when the welding system is configured depending on the sensor type, facilitating control of at least one of a welding process or welding unit by adjusting at least one weld forming parameter to improve the weld.