I’m not up to speed on Middleby’s technology. Even the old stuff. Didn’t see many of them in my market.
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A typical conveyor oven uses magnets super-glued to the shaft of a DC stepper motor and a Hall-effect sensor to sense its rotational speed.
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Without doing a bunch of reading, I don’t know. Maybe this manual will help:
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http://download.partstown.com/is-bin/intershop.static/WFS/Reedy-PartsTown-Site/-/en_US/manuals/MD-PS500_iom.pdf
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Otherwise maybe someone with experience on those ovens can step in.