Sush,
The techniques mentioned by amrstaha will work, with the following caution:
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The output of the precision rectifier/filter combination will be equal to the average value if an active precision rectifier circuit is used. You then multiply the average value by PI /(Sqrt(2) X 2) (approximately 1.11) to get the RMS value.
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If the waveforms are sinusoidal, for each phase you can measure the phase shift between the line voltage and line current by measuring the time between zero crossings. The phase shift (Theta), in degrees, is then equal to:
360 X tzc/ Period.
Where:
~ tzc = time between zero crossings.
The power factor = Cos (Theta).
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The power per phase will be V X I X Cos(Theta)
Where:
~ V = line RMS Voltage
~ I = line RMS Current
If the 3 phase load is balanced, then you can get by with measuring the voltage and current for the load on one phase only, and multiply by Sqrt(3) to get total power. (This works for either a "Wye" or a "Delta" connection). Otherwise, you must make the measurements for all 3 load phases.
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If the waveforms are non-sinusoidal, re-post your question and I'll provide details for this situation (it's a lot more complicated).