The on-state resistance Rds,on is a key characteristic of unipolar power semiconductors and its value depends on the operating conditions, e.g. junction temperature, conducted current and applied gate voltage. Hence, the exact determination of the Rds,on value cannot rely on datasheet information and requires the measurement of current and on-state voltage during operation. Besides the determination of the conduction losses, the on-state voltage measurement enables dynamic Rds,on analysis, device temperature estimation, condition monitoring and consequently time-to-failure prediction. However, in contrast to a switch current measurement, several challenges arise in the design of an on-state voltage measurement circuit(OVMC), i.e. high measurement accuracy(mV-range) during on-state, high blocking voltage capability(kV-range) during off-state and fast dynamic response(ns-range) during switching transitions are demanded. Different OVMC concepts are known from IGBT applications, however, the more severe requirements introduced from the high switching frequency and low OV characterizing the operation of fast switching power semiconductors, prevent their usage. Off-the-shelf products hardly satisfy the mentioned specifications, whereas the performance of state-of-the-art OVM research prototypes require further investigations and/or improvements. With this aim, an innovative OVMC concept is designed, analyzed, calibrated and tested in this paper. Furthermore, the conduction losses of different power semiconductors are measured as function of their operating conditions to validate the performance and highlight the potential of the proposed OVMC.