I found the following math channel definition seems to provide a close approximation of HP for my car. It has dynoed just above 300 and I generally see 320 with this equation.
If any of you see anything that is wrong or could be improved, please chime in. I created this after reading a write up that Howard Coleman provided and that is on a web site page of his: NO DYNO ? NO PROBLEM... FUN WITH MATH

To get this particular math channel to work you will have to be logging from a map setup for VE.
Also for Lambda style AFR values, the math is slightly different for AFR, adding "/(147/10)" to the end of the equation will work for gasoline AFR style values.
You also have to have a data log that saves these variables, Injector Duty Cycles, AFR, Base Fuel Tuning (using this for estimated VE).
The unusual things like (264172/1000000000) are due to the math channel not appearing to be able to accept decimal numbers so
I just figured out some integer math to produce the same values.

The numbers inside the {} such as {12} may be different for your setup, so some editing may be required.
The drop down to setting up the math channel will show the proper text.
--------------------------------------------------------------------------------------------------------------------------------------------------
{12} - Primary Injector Duty %
2100 is cc/min total amount for primary injectors. I didn't want to figure out how to dynamically get this value but if possible this could become a variable.
(13} - Secondary Injector Duty %
4000 is cc/min total amount for secondary injectors. Again a hard code constant, I have 1050x and ID 2000's.
(264172/1000000000) = 0.000264172 is conversion factor for cc/min to gallon/hour
{10} is AFR lambda value returned by the O2 sensor, generally .75 to 1.08
{39} is VE which is the base fuel value used by the Haltech
592/100 = 5.92 = lbs of gasoline in 1 gallon
981/1000 = 98.1% or 0.981 = E10 gasoline has 98.1% BTU capacity as compared to 100% Gasoline

In the DataLog View, paste the equation text into the Equation box, select Raw2DecimalPlace for Unit Type, and give the math channel a name such as HP - Estimate.
((({12}/100)*2100)+(({13}/100)*4000))*(264172/1000000000)*{10}*{39}*592/100*981/1000
following is same as above
((({12}/100)*2100)+(({13}/100)*4000))*{10}*{39}*15341841/100000000

5.92 is lbs of gasoline in 1 galoon
E10 gasoline has 98.1% BTU capacity as compared to 100% Gasoline

Since this is based upon Injector Duty cycle the Haltech staging causes a spike artifact at that point in the log.
I'm seeing what I thing is a logging bug on deceleration as the injector duty cycle values go beyond 100%, sometime approaching 2000%.

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I did one equation that factored in lambda verse target so the calculated value attempted to calculate out rich situations. But I didn't see how to do
an absolute value for this so both rich and lean situation reduce the HP estimate. As is rich AFRs show more horsepower, but this
is just an estimation tool. I'll be curious to see how close this when the car is dynoed again or if any of you have a recent experience to compare with.
I didn't include a reducer for loss to the wheels such as /(85/100) for 85% loss. Possibly factoring in fuel pressure and creating a ratio value would
provide some fine tuning of the equation, I'll try to incorporate that when I get a chance.

I haven't found a way to save this for use from log to log in DataLOg Viewer so I have a text file that I cut and paste the equation from when I want to see HP in a new log.

 

If that image isn't showing up, let me know and I will remove the unneeded text representation of it. It showed when I was creating the post and when I go to edit it.