Regular physical activity reduces the risk of many diseases and improves physical and mental health. However, physical inactivity is widespread globally. Improving physical activity levels is a global concern in well-being management. Exercise performance measurement systems have the potential to improve physical activity by providing feedback and motivation to users. We propose an exercise performance measurement system for well-being management that is based on the accumulated activity effective index (AAEI) and incorporates a smartphone-embedded sensor. The proposed system generates a numeric index that is based on users’ exercise performance: their level of physical activity and number of days spent exercising. The AAEI presents a clear number that can serve as a useful feedback and goal-setting tool. We implemented the exercise performance measurement system by using a smartphone and conducted experiments to assess the feasibility of the system and investigated the user experience. We recruited 17 participants for validating the feasibility of the measurement system and a total of 35 participants for investigating the user experience. The exercise performance measurement system showed an overall precision of 88% in activity level estimation. Users provided positive feedback about their experience with the exercise performance measurement system. The proposed system is feasible and has a positive effective on well-being management.