Here, successful realization of a variable multivariate optical element (VMOE) based on a transmissive liquid crystal (LC) panel is reported. In contrast to conventional multivariate optical elements (MOEs), a single VMOE is a dynamic system, allowing measurement of numerous analytes in different mixtures. Furthermore, VMOE has superior spectral resolution in comparison to a conventional MOE. It is demonstrated here that the system implemented in a Raman spectrometer predicts the concentration of each individual component in toluene-acetonitrile-cyclohexane mixtures with a prediction error of <6% (mass percentage). With a dedicated optical design of the setup, a prediction error smaller than 2% is expected to be feasible for the current chemical system.