Is there a way I can add dimensions to my part and then render the image in Inventor Studio? If not is there another way to do it?
You have to use a render of the image AND a view of the image form same side. Then in Photoshop or Sketchbook you overlay those two files and combine the two. I've seen it in a workshop I attended lately.
Your approach is very similar to the way I did it.
I figured out a better way to do this. First render the image in Inventor. Bring the rendered image to AutoCAD by copying the rendered artwork then pasting it to CAD. Then you can dimension in CAD over the image. Copy the dimension and place it to the right of drawing making sure you keep the same width and height to the actual rendered image by putting snap curser at top left and bottom right on the dimension drawing. Then PDF the dimension by windowing in from the top left curser and bottom right curser. Then bring rendered artwork to Photoshop along with the dimension (PDF) and overlay both.