The elevation is the water level above sea level. Often the last digit and fraction is what is listed. For example the gauge at Wabasha read 668.0′ yesterday but it may be seen as 8.0′. The flow is measured at the dam at the bottom end of the pool and is read in cubic feet per second (CFS).
Your right, the numbers but themselves are meaningless. What you need is a history of what is happening in time (trends). I have tracked the elevation and flow at lock and dam 4 for the last 4 years. Plus, I have noted significant events and trends in fishing patterns. From the spreadsheet I know have “normals” for elevation and flow for different times of the year. My records for the Wabasha gauge has normal summer pool at 7.7+/-0.2′ and the flow somewhere between 22,000 and 27,000 CFS. The flow today is 31500 and the elevation is around 8.0 so both are approaching normal.
One can get a brief history of trends by going to [url=http://www.mvp-wc.usace.army.mil/, select a dam, than select a plot, not a graph. It will list the values for the last 7 days. You will see a downward trend in elevation and flow. Hope that helps you understand the data.