Check out toribash! Insane game when the moves are pulled off correctly.
As for a turn based 1 on 1 fighting game I think a good system would be similar to a combat card game, mixed with badminton scoring rules.
For example, you cannot score in badminton unless you are serving. If this was used in a fighting game you'd get the first turn (serve) to perform you action, however if the player counters it on their turn they are now "serving" and can deal damage.
For cards, players get 20 hit points and 10 stamina points each, they also get a deck of cards based on their characters move list. Players draw 5 cards on each turn (can have no more than 8 at any time), and continue to cycle until one players runs out of hit points.
Example of cards would be:
Card 1 = Counter Left Punch / Gain an additional action on turn / Cost 3 Stamina
Card 2 = Right Hook / Damage opponent 3HP / Cost 1 Stamina
Card 3 = Hadouken / Damage opponent 5HP / Cost 5 Stamina
Card 4 = Psych Up / Increase damage on next 5 attacks by 1HP / Cost 1 Stamina
The goal would be to create a satisfying system where players feel they are rewarded for clever use of combat cards on their turn.