Due to rotational inertia, it is difficult to obtain accurate results of high-precision dynamic multi-component force or loads using traditional approaches including the theoretical calculations, simulations, and measurement. To minimize the impact of moment of inertia on dynamic measurement results, a two-stage measurement approach is proposed and tested in this paper. The proposed measurement approach based on synchronizing the measuring device with the shaft rotation. Piezoelectric sensors with wide frequency broadband ranges and high stiffness in contrast to strain gauges are adopted to measure the multi-component force based on the biaxial load cells. Static calibration of the measuring device has been studied to decouple the multi-component force. The corresponding maximum linearity, repeatability and interference error is 0.91 %, 1.82 %, and 1.38 % respectively. The interference error has been improved largely from 15.81 % before the adoption of static calibration. Another noticeable advantage from the proposed approach illustrates that the actual radial force is 26.97 %, which is a significant correction of the measurement results without compensation. The experimental results show that the proposed dynamic compensation method can effectively address the existing moment of inertia problem which could benefit the measurements of high-speed rotating machinery.