I have 2 sets of 2-dimensional vectors, one from observations and one produced by a model. I would like to calculate a statistic similar to the RMSE for these. I believe the correct way of doing this is as follows (with thanks to this question):
The observation vectors are $\vec x_i \in \mathbb R^2$, and the model vectors are $\vec y_i$.
The vector RMSE should be calculated as:
$VRMSE = \sqrt{\frac{\sum_i^N (\|\vec x_i - \vec y_i\|_2)^2}{N}} = \sqrt{\frac{\sum_i^N \sum_j^2 (x_{i_j} - y_{i_j})^2}{N}}$.
Is this the correct way of calculating it? Are there suitable citations for this? How do you interpret the magnitude of this value (to make things concrete, take the 2 sets of vectors as being wind fields)?