\documentclass{standalone}
\usepackage{graphicx,psfrag}
\usepackage{schoolbook}   % Choose the same font as your document.
\textwidth=117mm          % Set the same width as your document.
\begin{document}
  \psfrag{M}[l][l]{Mätsignal}
  \psfrag{S}[l][l]{Styrsignal}
  \psfrag{L}[][]{$L$}
  \includegraphics[width=0.9\textwidth]{figure.eps}    
\end{document}
