Polymer composite rotors offer promising perspectives in high-speed applications such as turbomachinery. However, failure modeling is a challenge due to the material's anisotropy and heterogeneity, which makes high-speed in situ deformation measurements necessary. The challenge is to maintain precision and accuracy in the environment of fast rigid-body movement. A diffraction-grating-based sensor is used for spatio-temporally resolved displacement, tilt, and strain measurements at surface velocities up to 260 m/s with statistical strain uncertainties down to $16\,\,\unicode{x00B5}{\epsilon}$. As a line camera is used, vibrations in the kHz range are measurable in principle. Due to sensor calibration and the use of a novel scan-correlation analysis approach, the rigid-body-movement-induced uncertainties are reduced significantly. The measurement of strain fluctuations on a rotating composite disc show that the crack propagation can be tracked spatially resolved and as a function of the rotational speed, which makes an in situ quantification of the damage state of the rotor possible.