According to The Phrase Finder , the term is French and literally meant face-to-face .
When the English picked it up in the 18th century, they started using it to describe a type of horse-drawn carriage wherein there are two seats, allowing occupants to sit across from one another in a face-to-face fashion.
Usage eventually extended to include the alternate meaning of with regard to , and in modern-day discourse it is accepted to use with regard to and vis-à-vis interchangeably.
In fact, many people will get confused when you use it to convey its original meaning since the alternate meaning has overshadowed it.
english.stackexchange.com/users/3918/Shaun
As a complement to the other answers, as to the origins, here are the ways the phrase is used in French , which maybe helpful to gain a better insight of the various usages in English.
In French , 'vis-à-vis' can be used as a preposition, an adverb or a noun.
Preposition.
Facing, in the presence of:
She sat on the other side of the table, vis-à-vis John.
(archaic, regional Canada)
Compared to : He found it shameful to lose his temper vis-à-vis the old man.
Relative to, figuratively: Jack swore me to secrecy, even vis-à-
vis his daughter Adverb
To be facing: If the windows are vis-à-vis, the ventilation is improved Phrasal adverb, qualifier: Leaning against the door jamb vis-à-vis, dressed in a grass skirt, she... Noun Person facing someone else:
By chance, my eyes fell on Edwin, my vis-à-vis
The opposite facade:
The windows had curtains, so there was no vis-à-vis, only the blank wall To be facing:
She was vis-à-vis her husband, a pretty little thing she was too, ... To be facing,
reflexively: The café and the church were vis-à-vis Adverb To move into a facing position:
They sat down vis-à-vis, each in his corner, .. (rare) To be facing (in English this renders no differently to the above) :
They were seated on chairs, ( en ) vis-à-
vis the altar Carriage with two facing seats: I could see myself arriving at midnight, in my olive vis-à-vis, at the Opera gate.
Small sofa, where two people can talk conveniently:
The two women sat down on the vis-à-vis and nattered endlessly (adapted from cntrl.fr )
english.stackexchange.com/users/3755/smirkingman
IMO, these days the expression vis-à-vis is often used in sentences where a comparison is being made.
Examples:
Let's say I am enumerating features of iPhone.
I could then say, The choice for applications is certainly much higher in the iPhone OS (125,000 vis-à-vis 20,000 for the Android) (example extracted from internet) Canadian dollar vis-à-vis selected currencies (when talking about exchange rates perhaps?)
(Example title of a research paper as extracted from the internet):Comparative Competitive Aspects of Japanese Use of Human Resources vis-à-vis United States and Canada ---- and so forth.
It is mostly used to paint a picture of something "pitted against" or "in the face of" or "as opposed to" something else.
Hope this helps.
english.stackexchange.com/users/4142/Critical Skill 
When I hear/see people use it, I usually find they are using it to mean "as opposed to" .
I guess the face-to-face metaphor can mean the opposing opinion.
Whether or not that is correct usage is slightly arbitrary,
just my observation of how people seem to use it.
english.stackexchange.com/users/2253/Orbling
Accepted English usage in the military and in corporate meetings
I have personally been a part of are "in relation to" or "concerning".
They can be used to refer to a geographic location, opinions, or two or more items.
english.stackexchange.com/users/21306/Bob
I hear people use the term  vis-à-vis  all the time in place of what I believe should more correctly be  for example  or  that is .  What is the most generally accepted correct and appropriate use of  vis-à-vis , and what are its origins?
What is the correct usage of “vis-à-vis”?
english.stackexchange.com
<etymology><single-word-requests>
english.stackexchange.com/questions/10010
english.stackexchange.com/users/4136/Phil.Wheeler
In the past, the term "vis-à-vis" means "face to face" and, as such, used metaphorically it could mean the opposing opinion. It is often used in place of "with regard to" or "as opposed to" and is accepted in the military and coporate meetings. It means facing or opposite something.  Its use began in English in the 18th century when people described carriages with opposite facing seats. It has now become to mean "with regard to" and is used in comparisons of two things or in the "face-to-face" notion of opposing ideas. It is often used in military contexts.
In the past, the term "vis-à-vis" means "face to face" and, as such, used metaphorically it could mean the opposing opinion. It is often used in place of "with regard to" or "as opposed to" and is accepted in the military and coporate meetings. The term is French, and means 'face to face'. While it was often used to describe carriages where passengers faced each other, it has come to mean 'with regard to'. This term is usually used when comparing and contrasting two things, and could also mean 'as opposed to'.
The term “vis-à-vis” is French and literally means 'face-to-face'. It is often used in sentences where a comparison is being made.   The phrase "vis-à-vis" is of French origin and is used in English when making a comparison.
To be facing: If the windows are vis-à-vis, the ventilation is improved Phrasal adverb, qualifier: Leaning against the door jamb vis-à-vis, dressed in a grass skirt, she... Noun Person facing someone else: She was vis-à-vis her husband, a pretty little thing she was too, ... To be facing, I guess the face-to-face metaphor can mean the opposing opinion. In fact, many people will get confused when you use it to convey its original meaning since the alternate meaning has overshadowed it.
It means to be facing something; opposite it. the term is French and literally meant  face-to-face . Used as "with regard to" Used in comparisons. As opposed to. Used in Military contexts.
The term is French, and means 'face to face'. While it was often used to describe carriages where passengers faced each other, it has come to mean 'with regard to'. This term is usually used when comparing and contrasting two things, and could also mean 'as opposed to'.
The phrase "vis-à-vis" is of French origin. The phrase is used when making a comparison.