Kingpb is way off if he thinks 84.4% is a reasonable number. If you came up with 95% and it was rated as 97% I'd say you were within reason.
Here's a little background on VFD's that by your question, you didn't know. The VFD must vary the voltage and frequency in order to vary the motor's speed. For example, at full rated motor torque, operating at 50% rated speed, the motor voltage and frequency will also be 50%, so a 460V motor would be operating at 230V and 30Hz. For example a 1750rpm 30hp 35A motor operating at 100% torque but 50% speed. You would measure 230V to the motor at 30Hz and 35A. What would you expect the input of the drive to be? Remember the saying watts is watts. 230V at 35A 3 phase is 13943W. Lets calculate the drive input current, 13943W and 460V is 17.5A exactly half. There are some losses in the drive due to semiconductor IR drop which will account for a couple % more or so power on the input than the output. Just remember that the drive is a "power" converter type device.
How does it vary the voltage and frequency? This is a short explination and more in depth research may be required for a full answer but in short: The drive first creates DC out of the 3 phase AC by using a 6 diode bridge rectifier in the example of your PF700. The DC voltage is around the 650-680VDC range. Capacitors on the DC bus are used to smooth out the ripples. Next six IGBT's (big transistors) are used to pulse width modulate the DC to create a 3 phase sinusoidal current at the proper voltage and frequency based on the commanded speed. As others have said, measuring the current is fairly easy with normal instrumentation because the motor inductance smooths out the current waveform and the current is fairly sinusoidal. Measuring the voltage however requires special equipment as most meter's can't handle the non sinusoidal PWM voltage and will measure a voltage way off from the actual. Simply put, without specialized meters specially designed to measure PWM drive voltage, you are better off simply reading the output voltage from the drive display, as it will be more accurate on voltage measurement than your meter.
There are several operating modes FOC (Field Oriented Control) V/Hz, fixed boost, fan / pump curves, etc that can skew this linear voltage frequency speed curve a little to optimize specific performance, IE torque control or energy saving.
Here's another one to ponder. Most people know that an AC motor will draw roughly 1/3 of rated current at full speed with no load. What not everyone realizes is that not all that 33% is going up in wasted heat. Two words: Power factor. That current is purely inductive. OK, using your motor operating it unloaded draws 1/3 of 35= 11.7A at the output of the drive. What's the input current to the drive? Neglecting all the drive and motor losses the answer would be nearly 0A. This is because the drive also sort of corrects for power factor since it converts ac to dc and then back to ac again. If you are into phasors and power factor, then you would understand the math. Just remember that the current observed on the line side of the drive correlates to the actual work being done by the motor plus motor and inverter losses.
For example, For test purposes, I have seen a 200HP drive and motor be tested and operated up to full speed unloaded off of a 50A breaker. The only load on the breaker is the motor windage torque and the motor and inverter losses.
Brian
PS, I'm a past Rockwell drives service engineer so ask away...