In this paper, Finger-Toe Index (FTI) is proposed as an analytic parameter for the characterization of arterial vessel. Different from the currently being employed pulse wave velocity (PWV) information of the volume pulse wave measured from 4 arterial channels, the proposed FTI uses the ratio of the shorter of the two up-stroke time of PPG from fingers ($UT_{finger}$) and that of PPG (Photoplethysmography) from toes ($UT_{toe}$). To verify the usefulness of the proposed method, Finger-Toe Indexes were derived from the volume pulse waves acquired from 50 people under examination aged from 12 to 81 years old, and they were then compared with blood pressure ankle-brachial index (ABI). It was successfully demonstrated that the arterial stiffness can be estimated with respect to age and FTI is more strongly correlated with the pulse transit time than ABI. From the regression analysis, we also found that FTI has significant correlation PWV for a quantitative index of arterial stiffness and provides more accurate information than ABI for the characterization of arterial vessel.