Note 2 at Eph. 3:2: The word "dispensation" is used four times in the New Testament (1 Cor. 9:17; Eph. 1:10; 3:2; Col. 1:25) and is translated three times as "stewardship" (Lk. 16:2, 3, 4; see ref. e on this word). In the Revised Standard Version of the Bible, the word "dispensation" was translated, "the stewardship of God's grace." This word has to do with the oversight and administration of another's property (Thayer).

In the context of this verse it has to do with the act of dispensing or giving out an understanding of God's grace towards man. Paul states that the revelation of grace was "given me to you-ward." In other words, it was given to me (Paul) that I might give it to you (the Gentiles). The Greek word HUMAS (you-ward) means "for you or for your sake." God's grace and gifts are always given to us for others.