Stochastic dynamics is generated by a matrix of transition probabilities. Certain eigenvectors of this matrix provide observables, and when these are plotted in the appropriate multidimensional space the phases (in the sense of phase transitions) of the underlying system become manifest as extremal points. This geometrical construction, which we call an observable representation of state space, can allow hierarchical structure to be observed. It also provides a method for the calculation of the probability that an initial points ends in one or another asymptotic state.