Point-on-wave (POW) is a single-event characteristic of voltage dips, influencing the performance of sensitive equipment, such as AC contactor and wind turbines. However, definition and calculation of POW are unsolved issues. The existing definition of POW is for single-phase dips; it does not consider three-phase dips. Moreover, existing POW calculation methods are inaccurate. This paper proposes a definition of POW as a single-event characteristic for three-phase voltage dips. Then, it proposes a POW calculation method based on space vector, including POW detection and angle calculation. The proposed method is based on the ellipse characteristics during the dip-stage and non-dip stage. The proposed method does not depend on zero crossing for angle reference. To verify the performance of the proposed method, a power-system simulation model is built to generate voltage dips with different origin. Furthermore, the accuracy of the proposed method is verified by 425 sets measured voltage dips, and compared with the published methods.