Clang always assumes that files are utf-8. If an invalidly encoded character is used in an identifier, clang always errors. If it's used in a character literal, clang warns Winvalid-source-encoding (on by default). Clang never checks the encoding of things in comments (adding this seems like a nice feature if it doesn't impact performance).
For cl.exe /utf-8 (which enables /validate-charset), if a bad character is used in an identifier, it emits both an error and a warning. If it's used in a literal or a comment, it emits a warning.
So mapping /validate-charset to -Winvalid-source-encoding seems like a fairly decent fit.