The dispersion relation is the relationship between wave-vector and frequency (k and omega) - for a wave. If the relation is linear then there is no dispersion (both phase and group velocities are independent of frequency).
By extension to a particle, the relationship between energy and momentum is sometimes called dispersion relation (for quantum particle, p=h*k and E=h*omega, so you can take it back to k-omega)
The dispersion relation is a characteristic of the medium in which the wave propagates (either EM wave or electron wave-function, or even elastic wave).