This paper presents a low-cost and smart measurement system to acquire and analyze mechanical motion parameters. The measurement system integrates several measuring nodes that include one or more triaxial accelerometers, a temperature sensor, a data acquisition unit and a wireless communication unit. Particular attention was dedicated to measurement system accuracy and compensation of measurement errors caused by power supply voltage variations, by temperature variations and by accelerometers’ misalignments. Mathematical relationships for error compensation were derived and software routines for measurement system configuration, data acquisition, data processing, and self-testing purposes were developed. The paper includes several simulation and experimental results obtained from an assembled prototype based on a crank-piston mechanism