The power quality analyzer looks much like an ordinary multimeter, perhaps a bit larger, and it has a 3-inch-by-3-inch LCD display. It's actually a combination of a dual trace oscilloscope and multimeter. With it, you can measure voltage, current, resistance, capacitance and more. So what makes it unique? Glad you asked. The unique thing about this instrument is that it not only measures voltage and current, but it also measures power factor, harmonic content, K-factor and more in a power system. With the LCD screen, you can actually see the waveforms and all of the accompanying distortions. Power factor is a very important concept in power distribution. It affects the amount of current drawn by a load, which determines how you size your power distro.
From "Focus on Fundamentals" by Richard Cadena, PLSN, March 2010