Any possibility that he got into something he shouldn't have?Does he ever get bones?
How many times has he vomited?
Then since the odds of the dog eating something toxic or likely to cause an obstruction are low, and since it doesn't sound like bloat at this time, then I think we should just handle it like a simple case of digestive upset for the moment. It's not terribly unusual to see a little blood in the vomit, especially if the dog was vomiting hard. As long as it's only a small amount right now, I think I'd just keep an eye on it.
The gold standard for treatment vomiting in a dog is fasting. Generally vomiting is acute (meaning it comes on quickly) and can be taken care of without much trouble.
If this were my dog, I'd fast him for 24 hours (providing he doesn't have any underlying diseases such as diabetes that require he eat every few hours). No treats, no food, nothing. You can leave a small amount of water available, but don't allow him to drink too much at one time (placing ice cubes in his bowl so that he can't gulp water will help).
After the 24 hours, I'd offer a bland diet of boiled rice and boiled hamburger (3 parts rice to 1 part burger) in VERY small amounts (perhaps 1/4 c every hour or so) for the next 24 hours. Once you start feeding the rice mixture, monitor the dog for recurring vomiting. If the vomiting doesn't start again, you can begin slowly mix in his kibble over the next few days until you're back to just kibble.
If the vomiting persists for more than another day or so, or if your dog becomes lethargic, begins to have diarrhea or shows other 'unusual' signs, you should have him seen by a vet, just to rule out any sort of illness or parasite infection.
I hope this helps!!