If you know the frequency and duty cycle then it's pretty easy.
Suppose there's one mark on the wheel and the strobe flashes 50ms on and 50ms and there appear to be two marks opposite each other it means that it's moved half a revolution in 100ms.
Strobe's are really for monitoring repeating physical systems under operation where normally you'd have to spin the whole thing down. It can also be good if the strobe is connected to a high precision oscilator so you can see minor changes in the rotation speed with the human eye. Having a hand held non-contact tach is probably a good companion to a strobe, better yet for inspection purposes finding a tach that has an output that can be used to trigger the strobe is perfect. I think there was a thread here last month about someone that used a micro controller and a serires of timed LED strobes to play with 'time' using some sensors to detect falling water droplets and tim ethe strobe to it.