make up vs dream up

make up and dream up both are verbs.

Word	Noun	Adjective	Verb	Adverb
make up	No	No	Yes	No
dream up	No	No	Yes	No

As verbs, dream up is a hypernym of make up; that is, dream up is a word with a broader meaning than make up:

Other hypernyms of make up include concoct, hatch, think of, think up.

make up (verb)	dream up (verb)
apply make-up or cosmetics to one's face to appear prettier	devise or invent
put in order or neaten
come to terms
concoct something artificial or untrue
devise or compose
do or give something to somebody in return
make up work that was missed due to absence at a later point
form or compose
adjust for