Search for "CR2550 current transformer". There a number of this type of current monitors.
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For monitoring voltage I usually use a resistor that is sized to limit current. (220V makes 10mA or 5mA for the LED) Many resistors can not take 220V so it is good to use 2 or more resistors to limit the voltage to 150 volts per resistor.
Most LEDs are not happy with reverse voltage. I usually place a small diode. 1N4148 across the LED so current in one direction does through the LED and the reverse current goes through the 1N4148.
The other option is to use a high voltage diode like a 1N4007 to block the reverse current. This uses 1/2 the power in the resistors.
Maybe you want to monitor the current and voltage with a micro. In this case isolation is very important. I use a opto-isolator in place of the LED in the above examples.