In this study, we investigate the role of stochastic parametric noise on the phase dynamics and the frequency characteristics of a vortex induced vibration (VIV) system, in the framework of synchronisation theory. In-phase, arbitrary-phase and anti-phase synchronisations exist during pre lock-in, lock-in and post lock-in regimes of the deterministic system, respectively. However the noise induced phase dynamics is found to be considerably different from the corresponding deterministic scenario and is largely dependent on the intensity of noise. Stochastic noise alters the conventional route to instability and is seen to induce new dynamical states such as Noise Induced Intermittency (NII) and quasi-periodicity in the structural response. It is also observed that noise triggers additional system frequencies in both structural and flow responses albeit not the same way. The birth of new dynamical states is strongly linked with these frequency characteristics of the structural and the flow oscillators. Phase can characterise the overall dynamics of coupled oscillators systematically and in the present study relative phase has been exploited in a stochastic framework in terms of both averaged and instantaneous quantities. The stochastic VIV system manifests asynchronous and synchronous phase dynamics as well as regions of phase slips during the transition boundaries of stochastic bifurcations. These are quantitatively and qualitatively monitored through phase coherence values in the desired parametric ranges. © 2021 Elsevier Ltd