A few years ago, I attended a course called "The Advanced Pilots Seminar" taught by a group of guys who have impeccable aviation credentials. Their course material included the fact that at the perfect stoichiometric ratio (fuel-to-air ratio for "perfect" combustion), any gasoline powered engine would produce 14.9 HP for each gallon of avgas consumed per hour.
In other words, to determine the HP being produced by this theoretical perfect engine, you just have to multiply the GPH by 14.9. Note that this is only true while operating at the perfect stoichiometric ratio, and "real world" numbers for engines running rich of peak EGT (basically all Rotax engines) will produce somewhat (and in some cases - significantly) lower HP / GPH.
This data validates Glenn's idea of using fuel flow as an approximation of engine power produced - especially for fuel-injected engines. You just need to determine the "real world" fuel flow at a couple of power settings (preferably a fairly wide spread of power settings), then use the charts to determine the nominal HP produced at those "book" power settings. Then divide power (in HP) by fuel flow (either GPH or LPH) to determine YOUR engine's fuel constant.
Given that Rotax is likely targeting to run just a bit richer than peak EGT (run cooler, avoid any possibility of detonation, etc.), the fuel consumption to power produced ration will likely be somewhat lower than the theoretical 14.9 HP per gallon... But the calculated ratio should be roughly the same for both power settings. And even if it's not "perfect" it's a 'good enough' way to determine the power output.
Once you have the "constant" for HP to GPH ratio for your engine, it's a simple math exercise to determine the power setting at any fuel flow... You just multiply the fuel flow by the "constant" you determined above.
For example, if you determined that your engine produces 14 HP for each gallon per hour of consumption, and you're consuming 5.2 GPH, your engine is putting out roughly 73 HP (5.2 x 14 = 72.8).
Obviously, the IS engines with their far more optimized fuel injection will produce more accurate results than you can get with the carbureted engines (which run significantly rich-of-peak EGT, thus using more fuel for the same power). Still, it's a somewhat useful approximation...