The most common procedure is to remove the float bowl then measure the float height with a decent rule. It's measured from the gasket surface to the highest point on the float (holding the carb upside down). Note that most float valves have a spring loaded pin that rides against the tab on the float. The measurement is taken with the float tab just touching the end of the pin without compressing it with the valve fully seated.
The other method I've run into, but far less common, uses a clear piece of tubing connected to the float bowl drain, with the free end open and held above the top of the float chamber. When the drain is opened, gas will fill the tube. Because the gas will seek it's own level, the height in the tube equals the height inside the bowl. Your measurement is then taken from the fuel level to the gasket surface.
Marc -