For all practical purposes the "output" voltage displayed on the charger is a measure of battery voltage. This reading will be higher than actual battery voltage when chargeing and it will be lower than actual battery voltage when dischargeing.

There doesn't sound like any problem with your elite unless perhaps the volt reading is just off by some amount. To check it with your existing meter get the current to as close to zero as possible and comparer readings. They should be identical , but one meter may be off or both may be off slightly.

On the displays "output voltage" "peak voltage" and average voltage" is the voltage measured at the output of charger, all indicating the battery's voltage. Peak voltage is the highest attained voltage during a charge and may get to 1.6 or higher . Average voltage is during a discharge.