The dimension of the null space, also known as the nullity, refers to the number of free variables in the solution set of a homogeneous linear system represented by a matrix. It indicates the number of linearly independent vectors that form the basis for the null space, which is the set of all solutions to the equation Ax = 0, where A is a matrix and x is a vector. This dimension plays a crucial role in understanding the solutions to linear equations and is directly related to the concepts of rank and overall matrix properties.