I'm gonna try to give an answer to this, but honestly, people do disagree sometimes in terminologies and words they use, and it almost comes down to personal preference at times. The most important thing is not to be ambiguous and to make sure that, even if someone doesn't like the terminology you're using, they'll have no doubts on what it means. People even say stuff that, strictly speaking, are wrong, but they're accepted because there is no ambiguity whatsoever and it's shorter and simpler than the full totally correct term.
Having said that, dimension is, first and foremost, associated to the $\textbf{vector space}$ that you're working on. It's basically how many independent directions you have. These can be $\textit{any}$ independent directions. And although these directions are, as long as they're independent, arbitrary, the $\textit{value}$ of the dimension is not. Strictly speaking, there's not $\textit{the}$ first dimension or $\textit{the}$ second dimension, unless you define which ones those are. And even if you do, I'd prefer to call them first and second directions or coordinates (notice that "direction" and "coordinate" are not the same thing but they imply the same definition here). I guess when you say that "$5$ is the second dimension of the vector", it's pretty clear that you defined $y$ as your "second dimension", but it still sounds terrible, honestly. $5$ is not a dimension, so it's wrong, and there are better ways to say it that don't require an overusage of the term "dimension" for no reason. Like "$5$ is the second component". This is really the only use of "component" in this context that I can think of, so it has a particular well-defined meaning.
On the other hand, you say that your vector $(7,5,4)$ "has $3$-dimensions", even though you're also wrong, strictly speaking, everyone knows that what you're saying really is that it's an element of a $3$-dimensional vector space. But there's no ambiguity whatsoever, so I'd say it's okay. However, personally, I'd say that it's a "$3$-dimensional vector" and that "it has $3$ components", that's how people usually say it, and it does sound better, since you're not saying something that is wrong.
I'm not sure I understood your example. But if I did, then my solution would be to say that elements in your set are of the form (length, height, age), and that you identified a specific one to be $(7,5,4)$.