If all the V present in the material (2.3wt%) is in the for of V2O5. Then by simple mathematics you can calculate V2O5 wt. %.
In V2O5, 2 mol of V require 5 mol of O, i.e 0.1 mol (2.3g) of V will require 0.25mol (4g) of O, thus V2O5 is 2.3+4=5.3g. Similarly for Co.
But if all the V or Co is not present in the V2O5 and CoO2 form resp. then its difficult to calculate by this method. In that case I would suggest you to go for XRD.