The rotor turns at a speed directly proportional the velocity of the fluid. The rotor has a magnet on it which talks to a magnetic pickup on the meter body so every revolution of the rotor makes a pulse. The pickup then goes to a converter which counts the pulses and (usually) converts the pulse signal to a 4-20mA output signal.
It's just an impulse-momentum thing. Not rocket science. Get out your fluid mechanics book and look at the chapter on fluid machines. It's a propeller operating in reverse.
You can also contact the manufacturers of those things, like Halliburton or Brooks; they are usually a lot of help. I have a TON of practical experience with these meters, so just ask if you need any more help. Thanks!
Pete
P. J. (Pete) Chandler, PE
Principal Engineer
Mechanical, Piping, Thermal, Hydraulics
Processes Unlimited International, Inc.
Bakersfield, California USA
pjchandl@prou.com