Same thing as the electronic speedo I used on my race motorbike. Put a sensor on the front disk brake, and a sender unit on the yoke, and the speedo worked off a magnetic pulse. Same theory I suppose, just counting pulses. Make sure the pick up isn't so big as to put your flywheel out of balance.
I now have a 'tiny tach' for mine. Seems to work a treat.
Cheers