If you dream of wearing velvet, you will soon receive an award of some kind or be the subject of admiration. Also, click to see other meanings of this dream.Velvet Figurative of luxury; research the colorVelvet 1. Prosperous business ventures. 2. Regal and wealthy, honors bestowed. 3. Pleasurable sensations, softness, suppleness— usually emotional.Velvet Honor and riches (Artemidorus).