Wheelsets form an indispensable part of the railway rolling stock and need to be periodically inspected to ensure stable, safe, reliable, and sustainable rail operation. Wheel profiles are usually inspected and measured in a workshop environment using handheld equipment or by utilizing wayside measuring equipment. A common practice for both methods is to measure the wheel profile at one position along the circumference of the wheel, resulting in a one-slice measurement strategy, based on the assumption that the wheel profile has the same shape independent of the measurement position along the wheel. In this article, the representability of a one-slice measurement strategy with respect to the wheel profile parameters is investigated using handheld measurement equipment. The calculated range of standard deviation of the parameters estimated such as flange height, flange width, flange slope, and hollow wear from the measurements shows a spread in the parameter value along the circumference of the wheel. As an initial validation of the results, measurements from the wayside monitoring systems were also investigated to see if a similar spread was visible. The spread was significantly higher for flange height, flange width, and flange slope estimated from wayside measurement equipment than for the same parameters estimated using the handheld measurement equipment.