of one- and two-qubit gates have reached the breakeven point with the novel error mitigation and correction methods. Parallel to these advances is the effort to expand the Hilbert space within a single junction or device by employing high-dimensional qubits, otherwise known as qudits. Research has demonstrated the possibility of driving higher-order transitions in a transmon or designing innovative multimode superconducting circuits, termed multimons. These advances can significantly expand the computational basis while simplifying the interconnects in a large-scale quantum processor. In this work we extend the measurement theory of a conventional superconducting qubit to that of a qudit, focusing on modeling the dispersive quadrature measurement in an open quantum system. Under the Markov assumption, the qudit Lindblad and stochastic master equations are formulated and analyzed; in addition, both the ensemble-averaged and the quantum-jump approach of decoherence analysis are detailed with analytical and numerical comparisons. We verify our stochastic model with a series of experimental results on a transmon-type qutrit, verifying the validity of our high-dimensional formalism.