As the primary means of protecting the motor, or as a monitoring function? As a primary protection function it's not feasible primarily from a regulatory standpoint. Solid State Overload algorithms have to go through rigorous testing and approval from interested parties such as UL (I can't speak for IEC regulations but I'm sure it is similar). But as a monitoring function it could be done. You ideally would take in all phase currents but from a non-protective function you could get by with 2 (assuming 3 phase here). The basic algorithm is just I2t, but there are tweaks for current imbalance, thermal memory and cool down time constants that I can think of, probably more.
But the next question is; why reinvent the wheel? Many SSOLs are now available with communications ports so they are already doing the protection internally under an approved algorithm and can just send the pertinent information into the PLC.
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