This paper presents a three-phase harmonic and sequence components measurement method based on modulated sliding discrete Fourier transform (mSDFT) and a variable sampling period technique. The proposal allows measuring the harmonic components of a three-phase signal and computes the corresponding imbalance by estimating the instantaneous symmetrical components. In addition, an adaptive variable sampling period is used to obtain a sampling frequency multiple of the main frequency. By doing so, DFT typical errors, known as spectral leakage and picket-fence effect, are mitigated in steady state. The proposal is tested with different disturbances by simulation and experimental results. Some results obtained with a power quality monitor implemented with the proposed system are also presented. The high rejection to distortion in the electrical network, frequency adaptability, flexibility, and good performance in power quality monitor application render the proposed method a promising alternative for signal processing from the mains.