What level of standby power are you talking? What makes you say that meters are an order of magnitude off? how do you know the error exists?
You can use the eevblog uCurrent ! and a DMM if the load is really low and you take the necessary precautions. - that will give you the current and depending how you do the grounding it seems you could get that signal to a scope.
I am talking about the standby for totally normal devices from media players to TVs and maybe even wall-warts, something like 0.1-5W maybe.
Please take a look at the second scope capture/picture. There is no way to read a good power value based on measuring the current without sampling the voltage the very same instant (for the very simple reason that the voltage isn't constant). The usual ways to still do it (as in measure the power with the ampermeter) are:
- take the peak value and assume that's good for the average, divide it (I think) by sqrt(2) and multiply by Vrms. This would give in this case a huge value of power compared with the actual (because the peak is short)
- take the RMS value of the current and multiply by Vrms. This would give here a somehow lower value compared to actual because the peak current (and most current and power consumption in fact) is at peak voltage, not at average. However, if for some reason the peak current is when the voltage is really low there is no limit at how much we would OVERestimate the actual power
The uCurrent is absolutely not needed and is extremely poorly suited for this application. The uCurrent isn't mainly solving the problem of measuring low currents (that's trivial, just use a big enough resistor as a shunt), instead is solving the problem of actually having some voltage to measure if you want enough resolution. Having a 0.5V drop across a shunt might be a problem when analyze a device powered by a 1.2V NiMh but is absolutely of no importance for something powered by mains. In this case the uCurrent can be fully replaced by a simple resistor. In fact the resistor is much safer, simpler and has almost infinite bandwidth.