CZero, On dynos we find a reliable way to measure fuel flow being used by the engine, using fuel balances or perhaps coriolis fuel weighing measurement equipment.
Next you need an accurate method of measuring AFR.
It's a relatively easy task to work out what your VE is once you have determined the airflow into the engine ( AFR X Fuel flow)- I won't go into it here as I don't think that is what you were asking.
I wouldn't trust the Oxygen sensors - used in emissions exahust equipment for consistent enough AFR reading to give good VE. The reason being - that when the mixture is very rich- there isn't much oxygen in the exhaust anyway- thus leading to its inaccuracy.It is far better to use emissions analyser kit getting a reading of H and C in the exhaust and using the spindt method to determine the AFR.
A standard MAF sensor has alot of signal drift and usually can't decipher between forward and reverse flow ( can lead to signal aliusing errors)- but usually gives a good inidication of the SHAPE of VE curve.
If you need to find out the VE of a particular road car, you could try using a MAF sensor and calibrating it to a steady state flow rate using a flow bench and then using it to determine the airflow into the engine. Try and mount it at a place on the engine where there isn't alot of pulsing flow/tuning-such as next to or within a large volume. Injector pulse width could also be used, but both of these methods are likely to lead to alot of inaccuracies and errors.
Some manufacturers, such as Porsche advertise/display the WOT BSFC of their cars in their owners manuals, I've often used these figures ( after checking them for consistency) to work back to VE, using reasonable AFRs.