Raster ~ Vector
Rasterize ~ Vectorize
Rasterizing ~ Vectorizing
To me the terms "Vectorize/Vectorizing" don't sound right in my ears. However, given its But that alone doesn't make them incorrect. The English language is a constantly evolving thing. Given "vector"'s direct counterpart, these would be the correct usage. You wouldn't ever be "rastering". So, conversely you would never be "vectoring" either in the context of digital images.
Note that "Vector" has more definitions than "raster" and you. You can be "vectoring". It's a physical movement, however, not a digital image adjustment. i.e. "vectoring to coordinates".