One commonly used definition is in the case of the solution of Newton's Law of Cooling (or Heating), where one approach uses dimensionless groups.
The solution is, with $\tau$ the characteristic time:
$$\ln\Theta=-\frac{t}{\tau}$$
where:
$$\Theta =\frac{T(t)-T_{env}}{T_0-T_{env}}\text{ and } \frac{1}{\tau}=\frac{hA}{mc_p}$$
with:
- $h$ is the heat transfer coefficient
- $A$ is the heat transfer surface area
- $T(t)$ is the temperature of the object's surface, evolving in time $t$
- $T_{env}$ is the temperature of the environment; i.e. the temperature suitably far from the surface
- $m$ is object's mass and $c_p$ its specific heat capacity.
Defined that way the characteristic time is:
$$\boxed{\tau=\frac{mc_p}{hA}}$$
can characteristic time be defined as: the time taken to for the
centre of the fluids temperature to be a certain percentage of its
surface temperature.
No, that's not really how its use is intended.
Reference: A Heat Transfer Textbook (Lienhard & Lienhard)