Hi Stijn,
How exactly does your watch do it? I've got no idea.
Either the trainer broadcasts power or the trainer broadcasts its 'speed' and the app determines power. We have the code for the kurt kinetic inride pod (another 'dumb' trainer that provides power) and it is the code we run that converts the received rpm to power. The user doesn't see it as 'virtual power' in the vendor's app because the app is hiding how it works.
I don't know exactly what trainer you have. Elite makes a lot of different models that all sound similar to me. They make a lovely FEC smart trainer, in which case you shouldn't use virtual power, you should be connecting as ble device. I know they do make a 'dumb' trainer that looks the same called 'muin', no idea what data it provides.
The virtual power feature is for trainers that can only provide speed.
Assuming your trainer doesn't broadcast power then I found a review of something that might be your trainer. The review claimed a 6kg flywheel with a diameter of 197mm. Thats big!
If the flywheel is a solid disc your I should be:
I = 1/2 m r^2
I = 1/2 6 0.1^2
I = 3/100
That is a reasonable value.
BUT: for you to determine a working value for I, you need to know how fast the flywheel is actually turning. Almost certainly the flywheel is turning lots faster than the rear cassette, looks like there's a big wheel attached to the cassette that drives the flywheel via a belt. Supposing the flywheel goes 'R' revolutions for a single turn of the rear cassette then the I you should use in the inertia field should be:
I = (3 R^2) / 100
So if your flywheel turns 10x for every turn of the cassette the right value might be:
I = (3 10 10) / 100
I = 300 / 100
I = 3
Maybe email Elite and ask them?
Eric