This paper verifies the potential of ellipse parameters as voltage dip characteristics. The space-phasor model (SPM) of three phase voltages is generally in form of an ellipse in the complex plane. Mathematical relations are derived between the single-event characteristics (Characteristic Voltage; PN factor and Dip Type), and the ellipse parameters (semi-major axis, Semi-minor axis and major axis direction). The relations are validated by applying them to several actual recorded voltage dips and synthetic voltage dips.