You can buy a kit for this. It uses a synthetic fluorogenic substrate, so you will need a fluorescence plate reader. Here is one such kit, among many that are available. You supply the enzyme.
The substrate provided in the kit is probably a short peptide with fluorophore donor and quencher based on the sequence of angiotensin. A possible confounding factor would be if the sample being tested had a nonspecific protease contaminant capable of cleaving the substrate. To test for this, a selective ACE inhibitor could be used to see whether the activity is inhibited.
If you don't want to buy the kit, you could set up the assay yourself, just buying a fluorogenic substrate (see Enzo Life Sciences, for example) and some purified ACE protein for a positive control.