Cosplay vs. Costume

So with the trend of cosplay posts it got me thinking about what the differences between cosplay and costume are and where the line between the two are drawn or if their is even a line between the two. This also has to do with the fact that I’m thinking of constructing a set of riot gear from Fallout New Vegas with my own twist on the art work that will be on parts of the outfit.

Now this is where I’m really confused, I have basically a back story for the outfit that ties loosely to facets of the lore for the fallout series, so this makes me think it would be called a cosplay at least in a loose sense. But there are a lot of people who would call it a costume because it isn’t a copy of something that is actually in the game.

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So, I’m wondering what your thoughts are on what you would consider the difference between a costume and a cosplay and where the line between the two is drawn or if you think there is even a line to be drawn.