Inverter" is an old and much misused term - "inverting" DC-AC is not what goes on in these drives , PWM is a more accurate term .
If that is the case then why do they call them "inverter rated motors"?
Using a glossary of terms provided by Reliance Electric:
http://www.reliance.com/pdf/catalogs/imdc_2005/drives/dxvii_dxxii.pdf
Inverter - [font=Helvetica LT Std,Helvetica LT Std]1. An ac adjustable-frequency drive
2. A particular section of an ac drive. This section uses the dc voltage from a previous circuit stage (intermediate dc circuit) to produce a pulse-width modulated or stepped ac current or voltage waveform that has characteristics similar to the desired sine-wave frequency.
3. A circuit whose output signal is the inverse of its input. [/font]
Do not over complicate the issue trying to use your own definitions for something when the industry itself uses the terms continuosly.
The basic construction of a VFD consists of 4 major components.
1. Rectifier: This converts our 3-phase AC voltage electrical supply into a constant DC voltage. For a 600 VAC supply, the DC voltage would approximately be 850 VDC, known as the DC Bus.
2. DC Bus: This is an inductive and capacitive circuit to maintain a constant and smooth DC Bus voltage that tries to resist changes from the main AC supply.
3. Inverter: Also known as IGBTs, this section converts the DC Bus voltage by pulsing it by a transistor network to form a variable voltage and variable frequency supply for a 3-phase electric motor.
4. Controller: Controls the pulses and calculates the magnitude of the voltage, current and frequency to obtain optimum motor performance under all conditions.
As you can see an inverter is part of it but it is also used to describe it by the industry in general.
As DickDV mentioned most drives (inverters) have displays that can display; voltage, current, rpm, frequency, and more. This is usually the most accurate tool that is readily available.
Again it is possible to use a True RMS meter to obtain fairly accurate readings and some of these have been available for over 20 years. Example: I have used a Fluke 87 III, which is True RMS, for over 20 years. If it was not possible to obtain accurate readings with a meter then how would they be able to obtain them to display? If you want to verify the V/HZ relationship you may need more than the display.
To get back to the ""inverter" issue I will give another example. Siemens Simovert is short for
Siemens
Motor In
verter.
Another point worth mentioning is there are 3 types of drives (inverters):
1. Variable voltage inverter
2. Current source inverter
3. Pulse width modulation
At this time I will not go into the cycloconverter.
To the original poster, or anyone interested, I have a whitepaper that offers some detailed information on VFD's and motors;
http://www.patchn.com/mtrwhtpaper.htm