More generally, let $n\in\Bbb N$ and $\alpha\in[0,\pi]$. Then we can compute the probability that $n$ random points $x_1,\ldots, x_n$ independently and uniformly distributed on a circle are in a common arc subtended by $\alpha$ as follows:
All points being in one $\alpha$-arc is equivalent to there being exactly one $k$, $1\le k\le n$, such that the $\alpha$-arc starting at $x_k$ contains all other $n-1$ points. For one $k$, this probability is $\left(\frac\alpha{2\pi}\right)^{n-1}$, hence in total the desired probability is
$$ n\cdot \left(\frac\alpha{2\pi}\right)^{n-1}.$$
In particular, $n=3$ and $\alpha=\frac\pi4$ lead to
$\frac3{16}$, as you proposed.
Remark. The above method does not work for $\alpha>\pi$ as in that case there is a non-zero probability that we have a choice in picking the "first" point of an $\alpha$-arc containing all points.