This paper develops a multidimensional vulnerability index (MVI) to assess the risk of poverty among Syrian refugee households in Lebanon. Drawing on 2018 VASyR data and a combination of econometric and participatory approaches, the index incorporates key dimensions such as shelter, food security, education, and health. The MVI is validated against the official expenditure-based poverty measure and shown to provide a more nuanced and stable indicator of household vulnerability. The findings offer valuable insights for targeting assistance and refining policy responses in protracted displacement contexts.