Generally speaking, a voltmeter works extremely well. In your case, using a transformer to reduce the voltage by some known factor and to provide galvanic isolation might be a start. Rectifying and filtering the voltage makes applying it to an ADC much simpler.
Use a current transformer for that function, and you have your instrument under way.
You can use a sense resistor that creates a specific voltage across it at a specific current. Use the formula V=IR, thus R = V/I.
Then amplify this voltage using a non-inverting amplifier and then send this to a PIC to sense the voltage, thus you know how much current passed through. Then sense the voltage before the resistor. Amplify and send to PIC. Now you know the voltage. Use software to calculate the Wattage and you know everything.
Hope this helps.