A measurement system includes a rotating member configured to transfer mechanical energy to a point of use. The member has at a surface thereof one or more circumferentially oriented bands of magnetizable material. Each band has a magnetic pattern comprised of a plurality of transitions magnetically recorded in the magnetizable material of that band. A magnetic-field sensor is disposed sufficiently near each band of magnetizable material to sense a magnetic pattern recorded in that band as the member rotates. Each magnetic-field sensor generates signals in response to the magnetic pattern sensed by that magnetic-field sensor. Processing electronics is in communication with each magnetic-field sensor to receive the signals generated by that magnetic-field sensor while the member rotates and to dynamically compute from the signals a measurement associated with a performance of the rotating member.