A system for accurate measurement and monitoring of AC or DC electrical current flowing through electrical conductors includes one or more current sensors, a receiver, and one or more calibration signal generators (“CSG's”) that can be plugged into outlets or otherwise coupled to the conductors so as to add automated, time-varying calibration signals to the conductors, such as current pulses or pulse patterns. The sensors are placed on a circuit breaker panel, around a cable, or otherwise near the conductors. The receiver distinguishes the calibration signals by their timing, pulse patterns, frequencies, or other time-varying features, uses their known amplitudes to calibrate the sensitivity of each sensor to each conductor, and determines the current flowing in each conductor. Among other applications, the invention can monitor building current usage, CO and data center power usage and distribution, and power line current leakage, and can calibrate invasive and/or non-invasive current sensors.