Here is my suggestion. It depends on wether you want an automated solution or a manual visual solution.
For a manual solution and assuming that the machine operates at a constant speed, I would mount either reflective tape and a photoelectric sensor or a stud/hole and a proximity sensor on the shaft. This will give a once per revolution pulse. Then you look at the pulse train in the time domain. If the time between pulses is constant, either there is no slipage or it is constant. If the time between pulses changes, then there is slippage.
For an automated soulution, you can mount a shaft encoder or position sensor to do the same thing, but have the computer calculate the time per revolution.
Other variations may be required if the speed is always changing, but you can handle most of that if the data is reviewed manually. C. Hugh