There is no built-in functionality to do this. I don't think that Python can detect highlighted rows in a layer or table. Even ArcObjects has a hard time with highlighted rows. I would rethink this workflow.
I would just add a LINK field to the meters table and simply copy/paste the ObjectID value or other Unique ID value of the point record you would have highlighted to the record in the meters table that you would have highlighted. Just right click on the ObjectID/Unique ID field itself and press Copy. Then put your cursor in the Link field of the table and paste the value directly. That should be less effort than retyping 3 fields. Then an updatecursor script could easily be written to transfer all of the data. Or just join and export to add the table fields to the points.
See my blog on Turbo Charging Data Manipulation with Python Cursors and Dictionaries for a script that can do the transfer once the LINK is set up. This script should be easy enough to adapt to your data:
import arcpy
sourceFC = r"C:\Path\SourceTable"
sourceFieldsList = ["LINK", "Value1Field", "Value2Field", "Value3Field"]
# Use list comprehension to build a dictionary from a da SearchCursor
valueDict = {r[0]:(r[1:]) for r in arcpy.da.SearchCursor(sourceFC, sourceFieldsList)}
updateFC = r"C:\Path\UpdateFeatureClass"
updateFieldsList = ["OID@", "Value1Field", "Value2Field", "Value3Field"]
with arcpy.da.UpdateCursor(updateFC, updateFieldsList) as updateRows:
for updateRow in updateRows:
# store the Join value of the row being updated in a keyValue variable
keyValue = updateRow[0]
# verify that the keyValue is in the Dictionary
if keyValue in valueDict:
# transfer the value stored under the keyValue from the dictionary to the updated field.
updateRow[1] = valueDict[keyValue][0]
updateRows.updateRow(updateRow)
del valueDict
The script assume you have a one to one (1:!) relationship between the features and the meters. If you have a one to many (1:M) relationship it may be easier to have both in the same geodatabase, join them and export the result to multiply the points to make the relationship 1:1. Then the field values of the table can be moved to the point fields and drop the duplicate table fields.