The wave function is used to calculate probability of the various measurement outcomes. For example, if position is measured, the probability of observing various positions is ##P(x) = |\psi(x)|^{2}##. The formula is different if one measures another quantity such as energy or momentum, but always involves the wave function.
The Schroedinger equation predicts how the wave function changes with time between measurements. At the point of measurement, the Schroedinger equation does not apply, and the wave function undergoes a discontinuous change called "collapse" or "state reduction" that depends on the measurement result.