Here is an example:
http://jsfiddle.net/QZAd8/1/
Notice how all of the red divs are the same height and have padding-top:100%;, yet
height
padding-top:100%;
If you came here looking for an alternative like I did, you can set padding-top as a percentage of vertical height using a CSS calculation:
padding-top: calc(.25 * 100vh);