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The elevation of a geographic location is its height above a fixed reference point[citation needed], most commonly a reference geoid, a mathematical model of the Earth's sea level as an equipotential gravitational surface (see Geodetic system, vertical datum). Elevation, or geometric height, is mainly used when referring to points on the Earth's surface, while altitude or geopotential height is used for points above the surface, such as an aircraft in flight or a spacecraft in orbit, and depth is used for points below the surface.
Less commonly, elevation is measured using the center of the Earth as the reference point. Due to equatorial bulge, there is debate as to which of the summits of Mt. Everest or Chimborazo is at the higher elevation, as the Chimborazo summit is further from the Earth's center while the Mt. Everest summit is higher above mean sea level.

http://en.wikipedia.org/wiki/Elevation