A digital simulation model of power measurement system was designed based on a Model-Based Design method under Matlab/Simulink environment. The physical environment and signal conditioning circuit was modeled which combined early algorithm simulation with late hardware implementation. The validation of the algorithm was tested by Matlab/Simulink from all aspects, which can help us improve the developing procedure of digital measurement system. Four types of portable power measurement models were established with the help of Simulink software package and Simulink function library. Also power measurement was realized by selecting two types of measurement algorithm, quasi-synchronous sampling method and wavelet packet transform algorithm. These two algorithms were compared with the method of software in the loop test, which verified the accuracy of algorithms in the condition of different frequency, combination harmonic, power factor and non-stationary waveforms. The advantage of MBD is to use RTW-EC toolbox in Simulink to generate C code automatically and download to ARM. The automatically generated C code measurement in the ARM was proved through experiment result which satisfied the expectation.