I normally use the DC ohms setting on my meter to check the DC resistance of a pickup. It is used to check continuity on most pickups. There are several pickups where you don't get a DC reading because of active circuits, batteries and custom circuits made within the pickup. You can use a digital or an analog meter but I prefer using a digital meter because you get precise and easy to read measurements.
By using a standard 1/4" guitar plug connected to the terminals of your meter cable you can measure the AC current of various pickups. Make sure you set the meter to AC and the common (black) wire is connected to the ground side of the jack and the hot (red wire) is connected to the positive side of the jack. The output may be difficult to read if you play a power chord so I would suggest hitting one string at a time. Also use one pickup at a time as two may overpower the meter at your setting.
The Fluke meter I use has a peak hold setting and will hold the highest reading when the string is plucked. You need a test guitar that will pluck the string with constant and equal potency each time the note is hit.