Torin- As Brian brushed-upon, drawbar HP has many factors, and the Nebraska conferance really was a starting attempt at putting realistic comparison standards to ratings.
Of the factors of drawbar horsepower, the first is obviously engine and transmission ability, both in developing torque at a given RPM, and doing it for a 'continous duty'. Lack of effective cooling efficiency, or lack of durability and lubrication determines wether an engine and driveline can produce continous-duty power.
From that point, power is turned into tractive effort, which is to say, drawbar power. Tractive effort is the machine's ability to apply steady drawbar pull on agricultural soil, wherein several factors apply. One of which is machine weight, both on driven wheels, and undriven wheels, next is soil cohesivity (determined by mix of sand, clay, dirt, moisture), and last is wheel contact width, diameter, and tread shape. Of course, this includes undriven wheels and their loads (rolling resistance) and driven (again, rolling resistance, but also tractive effort). If you'd like a copy of a doctoral paper on development of tractive effort on soil, I'll Email you a PDF directly.
Nebraska tests actually accomplish several things:
1) Applies all tractors to a common baseline for comparison
2) Proves continuous-duty-cycle output
3) Demonstrates fuel efficiency under baseline conditions
4) Demonstrates relative capacity for PTO-driven (belt or PTO) load
5) Demonstrates relative capacity for ground-engaged (drawbar) loads.
A simple illustration would be to put a N9 tractor on the field... test it, Then exchange the 9N's four for a flathead V8 in same tractor, in same field. This would disclose that although the N had more engine horsepower, the drivetrain was still limited in capacity, the tractor's rolling resistance went up (more load on front wheels) while tractive effort went down (no more weight on rear wheels), it would also demonstrate that the N's cooling system wasn't capable of keeping up with the requirements of the V8, and it would also likely show that the V8 consumed more fuel in the process of developing less drawbar power.
They're still doing testing- if you'd like to look at their website:
http://tractortestlab.unl.edu/