Everyone has incorrect water volumes. The industry and the regulators have taken a "don't ask, don't tell" approach and the worse a number is the more everyone tries to pretend it is good.
For water vapor, the industry has always ignored it. If separator pressure is above 50 psig or so, this isn't horrible since the 100% RH point is around 300 lbm/MMCF at 50 psig (less than one bbl/MMCF). I have a client who is using vacuum as a deliquification method and all of the water that gets to surface is vapor (around 5,000 lbm/MMCF or 14 bbl/MMCF), and since there is never any liquid water upstream of gas measurement, they report zero water.
Liquid water is no better. The most common technique is to use a turbine meter off the dump line. The latency of a turbine meter is around 4 seconds and the dump duration on most of the separators I see is around 3 seconds--when the dump opens, the turbine over ranges, but the time it is coming back in range the dump is shut. Turbine meters on dump lines are basically very poor dump counters.
Some clients are starting to put dump counters on blowcases (since the blowcase is isolated from the inflow during the dump, the amount of water dumped per cycle is very stable and the volume is excellent. Other folks are using Vortex meters on the dump line with pretty good results (latency is around one second so you are actually measuring liquid part of the time.
Your question seems to indicate that you want to do multi-phase measuring upstream of the separator. There are starting to be meters on the market that claim to be able to do multiphase metering--they can't do as well as +/-20% so trying to use one for a material balance would just be fun with numbers.
David