Question about WPF and VMMV

See more:

VB

.NET

WPF

So I've a WPF project which is an IDE with one "label"* per document, I parse the code (input) written on each "label" to detect vars, arrays, functions, etc. and this is done by the View.

Now here's my problem, I got a collection (Of ViewModel) that store every single label and it's data (to be accessed or modify other views of the app), should I bind the View's DataContext (that parse the code) to the correct Item in the Collection, or should I set it's DataContext to a new ViewModel?

*The label is actually a custom view model placed in an AvalonDock control:

<D:DockingManager x:Name="DockManager" Grid.Row="2">
    <D:DockingManager.LayoutItemContainerStyle>
        <Style TargetType="{x:Type D:LayoutItem}">
            <Setter Property="Title" Value="{Binding Model.Name}"/>
        </Style>
    </D:DockingManager.LayoutItemContainerStyle>

    <D:DockingManager.LayoutItemTemplateSelector>
        <SM:PaneTemplateSelector>
            <SM:PaneTemplateSelector.DocumentTemplate>
                <DataTemplate>
                    <ContentControl>
                        <SM:DocumentView/>
                    </ContentControl>
                </DataTemplate>
            </SM:PaneTemplateSelector.DocumentTemplate>
        </SM:PaneTemplateSelector>
    </D:DockingManager.LayoutItemTemplateSelector>
</D:DockingManager>