This paper introduces a new online index to quantify the harmonic distortion. The proposed index based on VI product can represent the harmonic distortion of both voltage and current, and it includes the effect of interharmonic distortion. Also, the new index is suitable to online harmonic distortion evaluation since it only requires the r.m.s. (root mean square) value and fundamental frequency value of the signals. Case studies are presented to show the availability of the proposed index using the comparison with the THD (Total Harmonic Distortion).