In this paper, we introduce the principle and algorithm of wavelet sub-band power signal decomposition method, put forward the multiphase structure wavelet electric parameter measurement method, analysis and derive the structure of two-channel IIR quadrature multiphase filter bank, get a new high efficient measurement algorithm for electric parameter signals, and solve the problem of large amount of calculation and high time complexity in traditional measurement algorithm(FFT) and ordinary wavelet measurement algorithm(FIR, IIR direct type Ⅰ). The results show that the time needed by the algorithm is less than a quarter of the FFT measurement algorithm and ordinary wavelet measurement algorithm needed, the accuracy of the measurement algorithm is better than that of 1×10-4, the multiphase structure wavelet electric parameter measurement method has short calculation time and high measurement accuracy.