When circuits are set up and dismantled dynamically in elastic optical networks, spectrum tends to become fragmented in the fiber links. The fragmentation limits the available path choices and may lead to significant blocking of connection requests. There are two types of fragmentation in the network spectrum-in the links due to contiguity constraints and over the paths due to continuity. Study of fragmentation and its management is essential to operate the networks efficiently. This paper proposes a vectored fragmentation metric for characterizing the fragmentation, which covers both types of fragmentation. We discuss the characteristics of this metric in both transient and steady-state of the dynamic network. We also test the proposed metric for connection requests' granularity range, arrival rates and holding times, to establish functionality of this metric. We also compare the link-based fragmentation metric with our Vectored Fragmentation Metric to understand the better representation.