A non-contacting torquemeter capable of measuring torque in a rotating shaft with improved accuracy in the presence of relative motion between a rotating shaft and a transducer assembly is provided. The non-contacting torquemeter has improved robustness and reliability, and is able to self-calibrate. The non-contacting torquemeter is able to provide accurate torque measurements using a single transducer assembly positioned at a single azimuthal position on a rotating shaft.