Detailed concentration-dependent measurements of sound absorption and velocity have been performed in dexamethasone sodium phosphate (DSP) aqueous solutions in the MHz frequency range. A single well-resolved relaxation process dominates the experimental acoustic spectra following a Debye-type distribution function. The analysis of the temperature-dependent ultrasonic relaxation data also revealed analogous effect with concentration on the relaxation spectra. All acoustic parameters were estimated by means of a fitting procedure. The behavior of the relaxation frequency and amplitude with concentration allowed us to assign the observed process to self-association mechanism. Combining the ultrasonic and electric conductivity data, the self-association scheme has been established. The thermodynamic constants and the rate of the aggregation due to hydrophobic interactions have been estimated in view of the Eyring’s theory. The concentration dependence of relaxation amplitude and characteristic frequency revealed that the presence of additional relaxation processes in the spectra related to additional mechanisms, such as conformational changes and proton-transfer reaction is excluded and the self-association process considered here was found to dominate in this frequency range. The results have been discussed in view of the fair ability of DSP for hydrophobic interactions and aggregate formation in aqueous environment.