I am trying to recreate this graphic in CSS/HTML and am having trouble using the right positioning code to have this 2 sided border which is supposed to be the “Min. Cutter Travel” label, positioned next to the dashed-line rectangle as so . Additionally, I would like to know how to have the “Min. Cutter Travel” text positioned next to the 2 sided border.

This is what I have so far: jsFiddle: https://jsfiddle.net/Kaevonz/mowahL2v/167/

.container {
  display: flex;
  flex-direction: column;
  align-items: center;
  justify-content: start;
  height: 500px;
  border: 1px solid gray;
}

.elem {
  box-sizing: border-box;
}

.div1 {
  border-top: 3px solid #0DA8AA;
  border-left: 1px solid #0DA8AA;
  border-right: 1px solid #0DA8AA;
  height: 60px;
  width: 205px;
  background: white;
}

.div2 {
  border: 1px solid #0DA8AA;
  border-radius: 50%;
  width: 290px;
  height: 290px;
  background: white;
  display: flex;
  align-items: center;
  justify-content: center;
  position: relative;
}

.div3 {
  border: 1px solid #0DA8AA;
  border-radius: 50%;
  width: 280px;
  height: 280px;
  background: white;
  text-align: center;
  display: flex;
  flex-direction: column;
  align-items: center;
  justify-content: center;
}

.div3 span {
  transform: translate(-10%, -55%) rotate(-45deg);
  font-size: 11px;
}

.div4 {
  border-top: 0.5px dashed black;
  width: 100%;
  position: absolute;
  left: 50%;
  top: 50%;
  transform: translate(-50%, -50%) rotate(-45deg);
}

.div5 {
  border: 0.5px dashed black;
  width: 205px;
  height: 50px;
  position: absolute;
  top: 0;
  transform: translateX(-50%);
  left: 50%;
}

.div6 {
  border-top: 0.5px solid black;
  border-bottom: 0.5px solid black;
  width: 100px;
  height: 50px;
}
<div class="container">
  <div class="elem div1"></div>
  <div class="elem div2">
    <div class="elem div3"><span>Pipe O.D.</span>
      <div class="elem div5">
      </div>
      <div class="elem div4">
      </div>
    </div>
  </div>
  <div class="elem div6">
  </div>
</div>

Since you wanted to place a div next to another, I made a common parent for them. This common parent (of div5) takes his positioning properties from the original div5. Then we add the brother.

.container {
  display: flex;
  flex-direction: column;
  align-items: center;
  justify-content: start;
  height: 500px;
  border: 1px solid gray;
}

.elem {
  box-sizing: border-box;
}

.div1 {
  border-top: 3px solid #0DA8AA;
  border-left: 1px solid #0DA8AA;
  border-right: 1px solid #0DA8AA;
  height: 60px;
  width: 205px;
  background: white;
}

.div2 {
  border: 1px solid #0DA8AA;
  border-radius: 50%;
  width: 290px;
  height: 290px;
  background: white;
  display: flex;
  align-items: center;
  justify-content: center;
  position: relative;
}

.div3 {
  border: 1px solid #0DA8AA;
  border-radius: 50%;
  width: 280px;
  height: 280px;
  background: white;
  text-align: center;
  display: flex;
  flex-direction: column;
  align-items: center;
  justify-content: center;
}

.div3>span {
  transform: translate(-10%, -55%) rotate(-45deg);
  font-size: 11px;
}

.div4 {
  border-top: 0.5px dashed black;
  width: 100%;
  position: absolute;
  left: 50%;
  top: 50%;
  transform: translate(-50%, -50%) rotate(-45deg);
}

.div5container {
  width: 205px;
  height: 50px;
  position: absolute;
  top: 0;
}

.div5 {
  border: 0.5px dashed black;
  width: 205px;
  height: 50px;
}

.div5brother {
  position: absolute;
  top: 0;
  right: -80px;
  width: 80px;
  height: 50px;
  border-top: 1px solid black;
  border-bottom: 1px solid black;
}

.div5brother>span {
  font-size: 9px;
  line-height: 50px;
  display: block;
  position: absolute;
  right: -40px;
  text-transform: uppercase;
}

.div6 {
  border-top: 0.5px solid black;
  border-bottom: 0.5px solid black;
  width: 100px;
  height: 50px;
}
<div class="container">
  <div class="elem div1"></div>
  <div class="elem div2">
    <div class="elem div3"><span>Pipe O.D.</span>
      <div class="div5container">


        <div class="elem div5">
        </div>
        <div class="elem div5brother">
          <span>Min. Cutter Travel</span>
        </div>
      </div>
      <div class="elem div4">
      </div>
    </div>
  </div>
  <div class="elem div6">
  </div>
</div>