We consider incompressible Euler flows in terms of the stream function in two dimensions and the vector potential in three dimensions. We pay special attention to the case with singular distributions of the vorticity, e.g., point vortices in two dimensions. An explicit equation governing the velocity potentials is derived in two steps. (i) Starting from the equation for the stream function [Ohkitani, Nonlinearity 21, T255 (2009)], which is valid for smooth flows as well, we derive an equation for the complex velocity potential. (ii) Taking a real part of this equation, we find a dynamical equation for the velocity potential, which may be regarded as a refinement of Bernoulli theorem. In three-dimensional incompressible flows, we first derive dynamical equations for the vector potentials which are valid for smooth fields and then recast them in hypercomplex form. The equation for the velocity potential is identified as its real part and is valid, for example, flows with vortex layers. As an application, the Kelvin-Helmholtz problem has been worked out on the basis the current formalism. A connection to the Navier-Stokes regularity problem is addressed as a physical application of the equations for the vector potentials for smooth fields.