1. Dispensation (Eph 1:10)

“That in the dispensation of the fulness of times he might gather together in one all things in Christ, both which are in heaven, and which are on earth; even in him.”

The word “dispensation” is οἰκονομία, (oy-kon-om-ee’-ah), which means management of household affairs, stewardship, administration. Broken down, it means house (oikos) law (nomos). A simple definition of the word could be – how God runs things. In other words, throughout the Bible there are different individuals at different timeframes that God gave different revelations. For instance, before the written law, God gave Noah instructions to build an ark during his day. Moses was given the law for his day. Daniel wrote concerning the Jewish people. Then comes the record in the New Testament of the life, death, and resurrection of Jesus Christ. God deals with people today based on their relationship to Jesus Christ. If you fast forward to the book of Revelation, the 1,000 year reign of our Lord is yet to come in the future.
At that time, when Jesus inaugurates His Kingdom while sovereignly ruling over the earth, He will establish His covenants with Israel. Meanwhile, the Church will have some administrative position during His millennial reign.

2. Dispensation (Eph 3:2)

“2 If ye have heard of the dispensation of the grace of God which is given me to you-ward: 3 How that by revelation he made known unto me the mystery; (as I wrote afore in few words, 4 Whereby, when ye read, ye may understand my knowledge in the mystery of Christ) 5 Which in other ages was not made known unto the sons of men, as it is now revealed unto his holy apostles and prophets by the Spirit; 6 That the Gentiles should be fellowheirs, and of the same body, and partakers of his promise in Christ by the gospel.”

Paul was explaining that in their dispensation of grace that God had decreed that the Gentiles should be added to the Church. Jews would be included as well. But His plan for the Jews before the resurrection of Jesus Christ would be promised in Covenants which will be fulfilled completely during the tribulation and millennium. He explained that in the Old Testament the church was a mystery, but finally in the New Testament it became a reality.