I use the single-cycle RMS measurement feature in my Siglent scope to calculate the power =? Vrms^2 / 50.
If your scope doesn't measure Vrms, but does measure Vpp, then your formula of Vpp^2 / 400 is what you should use.
I prefer using the RMS measurement because Vpp is affected by noise and transients. The RMS measurement averages that stuff out.
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Dan? W6AZI