We report here a measurement of electric dipole moments in highly vibrationally excited HDO molecules. We use photofragment yield detected quantum beat spectroscopy to determine electric field induced splittings of the J=1 rotational levels of HDO excited with 4, 5, and 8 quanta of vibration in the OH stretching mode. The splittings allow us to deduce mu(a) and mu(b), the projections of dipole moment onto the molecular rotation inertial axes. We compare the measured HDO dipole moment components with the results of quantitative calculations based on Morse oscillator wave functions and an ab initio dipole moment surface. The vibrational dependence of the dipole moment components reflect both structural and electronic changes in HDO upon vibrational excitation; principally the vibrational dependence of the O-H bond length and bond angle, and the resulting change in orientation of the principal inertial coordinate system. The dipole moment data also provide a sensitive test of theoretical dipole moment and potential energy surfaces, particularly for molecular configurations far from equilibrium.