The vectorial form of the Wave Propagation Method (VWM), regarding the dispersion of harmonic plain (elasto-dynamic) waves within certain wave-guides, is developed for the vibration analysis of circular cylindrical shells. To obtain this goal, all plain waves are divided into positive-negative going wave vectors along with the shell axis. Based on the Flügge thin shell theory, the shell continuity as well as boundary conditions are well satisfied by introducing the propagation and reflection matrices. Furthermore, all elements of the reflection matrix are derived for certain classical supports. As an example, for demonstrating the feasibility of VWM in the shell vibration analysis, a circular cylindrical shell with two ended flexible support is adopted. The natural frequencies of the system as well as mode shapes are obtained using VWM. The aquired results are compared with those of the previous works and found in excellent agreement. It is also found that VWM could mathematically provide a reduced dimensional matrix (dominant matrix) to calculate the natural frequencies of the system. Accordingly, the proposed method can provide high computational efficiency and remarkable accuracy, simultaneously.