My understanding is - both the meters I used in my experiment measure voltage and current in the line and then use these to calculate and display power even when no power is passing through the line!
Power is a measure of the joules of energy per second passing a fixed measurement point on the line. The meters are not measuring power directly at the measurement point but are assuming a particular characteristic impedance (Z0) and then doing phasor addition and subtraction to obtain an indirect measurement of forward or reflected power.
If the Z0 of the transmission line is equal to the calibration Z0, then the meters are giving an accurate reading of either forward power and/or reflected power. It is not possible for EM energy to stand still. It is not possible for an EM wave to posses zero energy. A standing "wave" does not satisfy the definition of an EM "wave". If you do a transient analysis, you will find there is exactly enough energy (joules) stored in the transmission line to support the energy in the forward and reflected waves.
As a conceptual exercise, make the transmission line one second long and lossless and track the joules in the transmission line to steady state. You will find that the source supplied two seconds of energy before the first reflections arrive. What happened to that energy that must necessarily be moving at the speed of light in the medium? Remember that energy must obey the laws of physics including the conservation of energy principle.
Pfor = Vfor*Ifor with Vfor and Ifor being in phase if Z0 is purely resistive. This is the magnitude of the Poynting vector associated with the forward power.
Pref = Vref*Iref with Vref and Iref being in phase if Z0 is purely resistive. This is the magnitude of the Poynting vector associated with the reflected power. (Ref:
Fields and Waves in Communications Electronics; Ramo, Whinnery, Van Duzer; 3rd edition; page 277.)
According to the laws of physics, the forward wave and the reflected wave must necessarily be moving at the speed of light in the medium which is c times the velocity factor of the transmission line. The power in the forward wave is (Ef)x(Hf). The power in the reflected wave is (Er)x(Hr).
The net power transfer is (Efor x Hfor) - (Eref x Href)
In the case of no load and neglecting losses, those terms are equal so there is indeed no
net power transfer. That does not give the forward EM wave and the reflected EM wave permission to violate the laws of physics.
If your statement, "no power is passing through the line", also means that no energy is passing through the line at the speed of light multiplied by the velocity factor, then it violates the laws of physics.
... do you actually get power flowing back (reflected power) towards the source?
Again, power doesn't flow - energy flows. Do you actually get energy flowing back (reflected waves) towards the source? Absolutely! I have already discussed the possible events that can happen to that reflected energy.
Consider these similar arguments:
If an equal number of vehicles are going north on the Golden Gate Bridge as are going south, then there are no vehicles on the bridge. Humorously false.
If an equal number of photons are going north on a transmission line as are going south, then there is no energy in the line. Also humorously false. What we can say is that there is no
NET energy transfer.