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We introduce a new reduction of the motion of three point vortices in a two-dimensional ideal fluid. This proceeds in two stages: a change of variables to Jacobi coordinates and then a Nambu reduction. The new coordinates demonstrate that the dynamics evolve on a two-dimensional manifold whose topology depends on the sign of a parameter κ2 that arises in the reduction. For κ2>0, the phase space is spherical, while for κ2<0, the dynamics are confined to the upper sheet of a two-sheeted hyperboloid. We contrast this reduction with earlier reduced systems derived by Gröbli, Aref, and others in which the dynamics are determined from the pairwise distances between the vortices. The new coordinate system overcomes two related shortcomings of Gröbli's reduction that have made understanding the dynamics difficult: their lack of a standard phase plane and their singularity at all configurations in which the vortices are collinear. We apply this to two canonical problems. We first discuss the dynamics of three identical vortices and then consider the scattering of a propagating dipole by a stationary vortex. We show that the points dividing direct and exchange scattering solutions correspond to the locations of the invariant manifolds of equilibria of the reduced equations and relate changes in the scattering diagram as the circulation of one vortex is varied to bifurcations of these equilibria.