The angular velocity of the disc is proportional to instantaneous power (with a bit of smoothing due to inertia, etc.)
The way these work is quite cunning. 2 coils (a voltage sensing and current sensing coil) produce an eddy current in the disc which exerts a force on the disc. The force is proportional to the instantaneous power. A seperate permanent magnet acts on the disc, acting as an electromagnetic brake. The EM brake exerts a braking force proportional to angular velocity - this makes the disc's velocity proportional to the drive force (and therefore power).
Just get an electronic current transformer operated meter with a pulse or serial port output, clip the transformer onto the incomer, and it's job jobbed.