Vice President is neither the head of the state subordinate to the President of India rather he or she is the Chairman of the Upper House that is the Rajya Sabha and conducts the proceedings of the Rajya Sabha as it is done by the speaker of Lok Sabha, presently Shri Om Birla.
The Vice President of India is elected by all the members of the Parliament that is both the Lok Sabha and the Rajya Sabha but he becomes the member of only the Rajya Sabha and has nothing to do with the functioning of the Lok Sabha directly. The electoral college consist of only MP's and not the members of state legislative assembly by the system of proportional representation using single transferable votes and the voting is conducted by Election Commission of India. As said by Article 66.
Basically each candidate standing up for the elections of the VP is listed on a slip and every MP has to mark his order of preference among them that is starting from one to 'n' and those votes will be counted in the same manner. For example: a, b, c stood in VP elections. One MP will give first preference to x and second to y and third to z, let's say. Now all the MP's will give their preference of order and while counting also we see who got how many one's and who got two's and in the end if we don't surpass the number of 50% for number of ones than number of two's are added and so on.