srirajas,
You have got your by-the-book answers already, and maybe that is what you are looking for. There is another case not covered yet. That is where you are out in the country, hours or days away from the nearest distributor, and all you have on your PLC are normal inputs, but you find that you have one encoder input that is runnning just slightly faster than the normal PLC input can count. The plant is ready to run, except for this, and everyone including the President of the Company down to the janitor, are standing around, waiting for you to get it fixed. If this or something similar is the case you had in mind, then here is what you can do:
(1) Connect the encoder or other high speed input to a normal input.
(2) Then compare the counts seen by the PLC to the actual counts sent out. For example, if your encoder sends out 100 counts, but the PLC only sees 80 of them, then you need to multiply your input by 100/80, or 1.25, like this: Count = Input X 1.25.
This will get you in the ballpark, and will work for some applications but not for others, but in a desperate situation, what else can you do? Am I the only old **** here who has had to make do with what I had avaliable in the field? Let's hear about some other jury-rigged fixes.