I have only used NIKON till now and haven't explored much with Canon cameras. Recently someone showed in Canon custom WB can be set by plotting a point in a 2D graph. When I checked in my Nikon similar option was not there and only way i could figure out to set the WB balance was with a reference photo. So my question is if similar functionality is at all present in Nikon?
I'm not sure I understand your meaning of 2D chart, but my interpretation is that the D5200 does offer that.
Instead of the provided "User Manual", get the free D5200 "Reference Manual" (free download from http://downloadcenter.nikonimglib.com/en/products/24/D5200.html . It is about the same as the User Manual, but is much larger, and much more complete content (and the PDF is text searchable).
Users of other Nikon D3xxx or D5xxx models, do a search for your "Nikon Dxxxx manual", and see if you find a "Reference Manual". But higher end cameras do instead furnish a complete manual.
Page 78 in it shows a 2D color chart where you can choose your white balance. I do not think this is in the "User Manual".
This is called Fine Tuning, and it just sets a white balance value. You can make it more blue or more red, etc, but it does not measure the light.
Whereas the Custom Preset photo method (of a neutral white or gray card) is more of an actual measurement, in that Auto WB then has a neutral subject which it can correct rather precisely.
And of course you can include the neutral white or gray card in a test picture, and correct it later, best done on a raw image using a raw editor.