The electrical power drawn by an induction motor is distorted in case of appearance of a certain type of failures. Under spectral analysis of the instantaneous power one obtains the components which are connected with definite types of damage. An analysis of the amplitudes and frequencies of the components allows to recognize the type of fault. The paper presents a metrological analysis of the measurement system used for diagnosis of induction motor bearings, based on the analysis of the instantaneous power. This system was implemented as a set of devices with dedicated software installed on a PC. A number of measurements for uncertainty estimation was carried out. The results of the measurements are presented in the paper. The results of the aforementioned analysis helped to determine the measurement uncertainty which can be expected during bearing diagnostic measurements, by the method relying on measurement and analysis of the instantaneous power of an induction machine.