You also need to do both measurements at the same time. Play your test tone, check steady amps and steady voltage on the output to the sub(s). It doesn't matter which wire, positive or negative, but make sure you're only around one because if you're around both they will cancel each other.
Power = current * voltage, however this is assuming a purely resistive load, which speakers are not. There is reactive power in the circuit which creates the magnetic field around the voice coil, but doesn't do any real work which is power.