I have a 2000 Disco and the SRS indicator light came on is there a way to reset the system....

Also the ABS and Traction control lights are on from a faulty wheel sensor. Once I replace the ABS sensors how do I reset this system so the lndicator lights go off?

The SRS will go out as soon as you fix the fault and turn the ignition back on. A common place is the connectors under the seat.

You can reset the ABS with a Nanocom it similar.