measuring current drawn from a 3-phase AC induction motor using a digital circuit
If you used comparators, then you could still make the threshold configurable using a potentiometer.

However, I think that your approach is perfectly reasonable. Plus it would let you deal with any odd cases that would start to make the comparator solution more complex (E.G. as the inductor current ramps up just after switch on, a comparator might decide to trip out immediately).

I don't know what your application is, but if this is a safety critical system, then you are writing safety critical software. It is considerably harder to prove the correctness of software than of a simple comparator circuit.