Short answer: do not use Vrms*Irms.
The correct answer to "how do I measure the average power correctly" is (b), average(V*I) for pin V
DD, assuming that:
(i) the inverter has one supply V
DD (ii) the negative supply is tied to ground
(iii) there is no net power in/out of any other pin
More generally, the average power dissipated in a block with multiple pins will be the average of the sum of V*I on all pins:
P
AVE= average( V
1*I
1 + V
2*I
2 ... V
N*I
N)
P=Vrms*Irms is true only for purely resistive (real) loads. As a trivial counter-example, imagine that your block contains only an ideal capacitor and you drive it with a sine wave.
The paper at
www.eznec.com incorrectly states that P=Vrms*Irms is always true, because it only considers a resistive load. It makes a slightly different point, which is that the RMS value of (I*V) has no particular significance. I would recommend this article instead:
http://en.wikipedia.org/wiki/AC_power