I discovered this cocktail by accident. It’s a classic example of “the whole being greater than the sum of its parts”. I drink vodka & diet lemonade (Crystal Light or Wyler’s) with a lime wedge because I’m diabetic & look to avoid carbs if possible. My wife drinks vodka & cranberry with a splash of club soda. I recently saw and bought for the first time Ocean Spray Sparkling Cranberry Juice for my wife to try. I'm not a cranberry juice fan but I don't hate it either. Recently, I was making a round of drinks for us and I ran short of lemonade. Not wanting to mix up another two quart batch of lemonade I topped my drink off with the sparkling cranberry juice. It was a fantastic cocktail that I did not anticipate that it would taste like it did. If you really want to go low carb the OS Sparkling also comes in diet but the drink is not nearly as good nor is it as good with non-sparkling cranberry juice. The proportion of sparkling cranberry to lemonade is 50/50 approx.
I won't get into the definition of what a real cocktail is, but personally speaking, this isn't one to me. I would say it is a long or tall drink, or even comes under the classification of a highball.
No alchemy there. It's just vodka, cranberry and imitation lemonade. This has been around for decades (I saw it ordered in bars in the late 1970's and early 1980's. This drink may have been around as early as the mid to late 1930's which is around when vodka, and cranberry juice, hit the US market for the first time) and is called variously Pink Lemonade, Pink Elephant Ears, or Vodka Cranberry Lemonade. (Yes, seriously.)