The other answer was posted nearly a year before the release of VideoLAN 3.0.0 (2018-02-09). According to this forum post...
Fraps doesn't work for me with vlc 3.0.x. No overlay, no recording, no screen capture.
...and my experience is the same with v3.0.16: there is no overlay and the CSV logs indicate something like 1 frame/second. I tried the workaround posted in the reply...
... I got them to work together by changing video output module in VLC to 'OpenGL video output for Windows' (Preferences > show settings: All > Video > Output modules > Video output module)
...and while that did succeed in making
Fraps's overlay appear, that alternately caused poor performance or screen artifacts.
Instead, on AlternativeTo I found a tool called
FPS Monitor that lets you monitor various system components with a customizable screen overlay. Even in trial mode I was able to use it to monitor the playback framerate in
VLC. The one thing that tripped me up, however, is that
VLC media player must be started after
FPS Monitor; it's not enough to just stop and restart video playback. Other than that, I was able to get not only numbers but a live graph of the information I was looking for (
Recent scenes →
BENCHMARK is a good preset to use). Neat.