ColJack said:it will give you loop values which you can then use to CALCULATE the PSC, but a dedicated PSC tester ( or multi function tester with it on ) will give you the KA reading.
There is no such thing as a PSC tester! (Imagine the result of passing 1000s of amps through your equipment!) Loop testers use their measured impedance values to calculate and display an associated fault current.
A three-lead tester only requires the neutral to power the meter itself, the actual test is carried out between two leads only and, as you've suggested you need to put both the neutral and earth leads onto the neutral, which is harder than it sounds with some instruments. (Two-lead testers rule!)
So, you do a Ze test, record Ze and note the associated earth fault current, then put your two leads together and do a phase/neutral loop test and note the associated short-circuit current. You then record the highest of the two fault currents as your measured Pfc.