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In this paper, we analyze and compare classical modeling and measurement methods like Park's transformation with the dynamic phasor concept and the corresponding calculation algorithms. The comparison aims at understanding the measurement performance of these approaches under low frequency oscillation, transient change, harmonic distortion and unbalance which are the usual transient and non-sinusoidal conditions in power systems and power electronics control. Based on this comparison we aim at analyzing and classifying the fitness of the different concepts for different control approaches and purposes in power grids. This work is a first step towards defining an appropriate concept for every level of control for future power grids with increasing complexity and dynamics.