In this paper, we present a measurement model for estimating the magnetic field of a synchrotron-type particle accelerator, based on sensors installed in a reference magnet. The model combines the calibration of the individual sensors with the experimental characterization of the magnets to infer, in absolute terms, the value of the average field in the ring, as needed for the real-time feedback control of the accelerator. Implementation of this model at the extra low energy antiproton (ELENA) ring at the European Organization for Nuclear Research (CERN) is used as a case study. We describe first the measurement setup and method, followed by the detailed definition of the model, along with its parameters and an evaluation of their value and uncertainty. Next, we assess the combined uncertainty of the whole measurement chain. Finally, we discuss the results obtained so far during the machine commissioning phase and outline our plans for future improvement.