This article presents a particular use of the Virtual Fields Method to exploit the results of Image-Based Inertial Impact (IBII) tests. This test consists on an edge-on impact of a free-standing thin flat rectangular coupon. The specimen response is recorded using an ultra-high speed camera filming the deformation of a grid pattern printed at its surface. From these images, displacement fields are derived, from which strain and acceleration can be obtained. The Virtual Fields Method makes use of the acceleration fields to derive stress information. Until now, a very simple 'stress-gauge' approach was used that could only provide relevant stress-strain information if the test was predominantly uniaxial. The alternative was to use the full inverse approach with the Virtual Fields Method but this would not allow the same degree of data understanding as the 'stressgauge' approach. This article proposes an extension to this 'stress-gauge' approach for fully multiaxial tests. The equations are first derived and then validated using simulated and experimental IBII test data on isotropic and orthotropic materials.