Real-time gait event detection is a requirement for functional electrical stimulation and gait biofeedback. This gait event detection should ideally be achieved using an ambulatory system of durable, lightweight, low-cost sensors. Previous research has reported issues with durability in footswitch systems. Therefore, this study describes the development and assessment of novel detection algorithms using footswitch and accelerometer sensors on 12 healthy individuals. Subjects were equipped with one force sensitive resistor on the heel, one accelerometer at the foot, and one accelerometer at the knee. Subjects performed 10, 8-m walking trials in each of three conditions: normal, slow, and altered (reduced knee ROM) walking. Data from a subset of four subjects were used to develop prediction algorithms for initial contact (IC). Subsequently, these algorithms were tested on the remaining eight subjects against standard forceplate IC data (threshold of 5 N on a rising edge). The footswitch force threshold algorithm was most accurate for IC detection (mean absolute error of 2.4+/-2.1 ms) and was significantly more accurate (p<0.001) than the optimal accelerometer algorithm (mean absolute error of 9.5+/-9.0 ms). The optimal accelerometer algorithm used data from both accelerometers, with IC determined from the second derivative of foot fore-aft acceleration. The error results for footswitch and accelerometer algorithms are lower (approximately 60%) than in previous research on ambulatory real-time gait event detection systems. Currently, footswitch systems must be recommended over accelerometer systems for accurate detection of IC, however, further research into accelerometer algorithms is merited due to its advantages as a durable, low-cost sensor.