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Unfortuantely your question isn't very clear. A "virtual neutral" for measurement puposes can be made with resistors (or RC circuit). But the connected measurement circuit must have high impedance, you can't load the vrtual ground.
Yes, I need Virtual Neutral for measurement purpose only, I want to measure 3 Phase voltages and current of an 3 wired application I don,t have neutral so I thought Virtual neutral will be an good idea.
As you said there will not be any load on that virtual Neutral but this is used for Monitoring AC Voltages and Current only.
Can I use the circuit I attached in my first post or is there any better solution.
The high impedance cables must be well shielded from stray currents. CM Chokes will help with shielded cable. Reactors are used to create a real Neutral. Perhaps an impedance divider will work better using film caps rated for line BIL voltage just like R divider but impedance ratio of Zc to feed cable with lower impedance.
but all methods fail if one line faults alone so differential measurements on each phase are also important.