The interaction of vibratory traveling waves in rotating and stationary axisymmetric components is examined. In the most general case, a resonance can occur when the wave propagation speed in a first structure is equal in magnitude and direction to the rotational velocity of an adjacent structure. When a backward wave in a rotor appears stationary, a major resonance, as discussed in Wilfred Campbell's classic paper (Campbell, W., 1924, “The Protection of Steam Turbine Disc Wheels from Axial Vibrations,” Trans ASME, 46, pp. 31–160), results. A related resonance has been observed when the wave propagation speed in the stator is equal to the physical speed of the adjacent rotor. A third mechanism is derived for resonance between a wave in rotor 1 and a co- or counter-rotating rotor 2. Description of a component test which demonstrated this final phenomenon is provided.