The development of digital techniques in control engineering leads to the creation of innovative algorithms for measuring specific parameters. In the field of electric power engineering these parameters may be amplitude, phase and frequency of voltage or current occurring in the analyzed electric grid. Thus, the algorithms mentioned, applied in relation to the quoted parameters, may provide precise and reliable measurement results in the electric grid as well as ensure better grid monitoring and security. Signal analysis regarding its identification due to the type of interference is very difficult because the multitude of information obtained is very large. In order to indicate the best method for determining errors in measuring synchronous parameters of the measured current or voltage waveforms, the authors propose in this paper a new form of one error for all testing functions, which is called an equivalent error. This error is determined for each error’s value defined in the applicable standards for each of selected 15 methods. The use of the equivalent error algorithm is very helpful in identifying a group of methods whose operation is satisfactory in terms of measurement accuracy for various types of disturbances (both in the steady state and in the dynamic state) that may occur in the power grid. The results are analyzed for phasor measurement unit (PMU) devices of class P (protection) and M (measurement).