A system for monitoring and optimizing performance on a packet network with vector performance tables including a network element including an input/output (I/O) unit configured to communicate data packets with at least one other network element on the packet network the data packets including network performance information; a processing unit configured to receive the data packets from the at least one other network element; and a memory in communication with the processing unit and configured to store a vector performance table including a compilation of the network performance information contained in the data packets, the processor configured to process the data packets to store the network performance information in the vector performance table. A method for monitoring and optimizing performance on a packet network with vector performance tables is also included.