WITH THE TREADMILL DISCONNECTED FROM ANY POWER (FOR SAFETY)!
Put a mark on the motor pulley. And another mark on the tread pulley.
Turn the motor pulley how ever many turns it takes to make the tread pulley go around once.
That will give you the ratio of the motor to the tread pulley (where your sensor is).
For example, if it takes 12 turns of the motor to turn the tread pulley once, then your ratio is 12:1 ("12-to-1")
Each time the tread pulley goes around once, (as indicated by your sensor) the motor has turned 12 times.
So, take the RPM of the tread pulley and simply multiply by 12.
In the same manner, you can put a mark on the tread and count how many turns of the tread pulley to get 1m of movement (etc.)
By that method, you can calculate linear tread speed, etc.
If you watch the tool reviews/teardowns on the YouTube channel of "AvE", you will see him do this often.
He will put a mark on the motor shaft and count how many revolutions it takes to make one turn of the drill chuck, (for example).