Development of a high-power RF signal meter based on the method of calorimetric measurements, which in some cases is the only possible one is presented. The device is as a system of elements exchanging either energy or information, the operation and interconnection of which ensures the stability of its functioning. The main elements of the device are: a coordinated load and a two-circuit water-air cooling system that convert RF energy first into thermal electrical energy, and then into internal energy of the coolant (working fluid). The measurement and control system provides information display on the monitor and generation of internal control signals. The work focuses on the process of converting electromagnetic energy into internal energy of the coolant, since the matched RF load is integrated into the cooling system and requires special design and technological solutions to ensure efficient operation. A cooling and measurement system has been designed to test the developed RF absorber with a power of up to 5 kW. The parameters of the cooling system were determined based on minimizing the time to achieve thermal equilibrium (time to establish readings) and the set parameters (input temperature no more than 35 °С, temperature difference no more than 40 °С). Based on calculations of the electrodynamic model constructed by the partial domain method, the geometric dimensions were determined at which the voltage standing wave ratio of the load in the operating frequency range (from DC to 1300 MHz) will be the smallest. The article presents the results of designing a high-frequency wattmeter cooled by a liquid (water), examines the thermophysical processes occurring in it and the influence of the presence of a coolant in the cooling circuit.