A multi-function, easily extensible and portable tracking and monitoring system is designed for traction and drive system to meet the growing requirements of high-speed EMUs, which is increasingly complex for real-time monitoring system. The design principle of the embedded hardware system based on the modular structure of CPCI bus is presented in details, and the realization of software functions such as on-line real-time data processing, offline data analysis, and human-machine interaction is put forward on the basis of LabVIEW development platform. Furthermore, the VI design and scheduling mechanism based on state-machine are elaborated, and the measurement algorithm and its implementation of the traction motors input power and constantly changing signal frequency of the monitoring system is also analyzed. The system has been applied in certain models of the high-speed EMUs, and its stable operation, flexible settings, high accuracy and good application effect makes it provide a scientific guarantee for the safe operation of the high-speed EMUs.