Systems and methods provide measurement of alternating current (AC) electrical parameters in an insulated wire without requiring a galvanic connection between the insulated wire and a test probe. Measurement systems or instruments may include a housing that includes both a non-contact voltage sensor and a non-contact current sensor. The measurement system obtains measurements from the voltage sensor and the current sensor during a measurement time interval and processes the measurements to determine AC electrical parameters of the insulated wire. The AC electrical parameters may be presented to an operator via a visual indicator device (e.g., display, lights). The AC electrical parameters may additionally or alternatively be communicated to an external device via a wired and/or wireless communications interface. The measurement system may include an alignment feedback sensor that provides feedback to a user regarding the mechanical alignment of the insulated wire relative to the voltage sensor and the current sensor.