Yes, it could mean "I dream of space/the universe." Alternative, it could also mean "the universe that I desire."

“夢見る宇宙” is a poetic phrase. Is it a title? I can't guess the meaning of a word, because of no context. If I translate a sentence literally, “夢見る宇宙” mean “The cosmos dreams at night ” or “The cosmos is a daydreamer”. It is a personification :)

夢見る宇宙　－　literally, it means "dreaming universe/cosmos". 宇宙を夢見て　－　(I) dream of cosmos

It might be little bit too late, but I would like to write my interpretation. and I could not find where to write the answer for this, I left the comment here to answer for it. It mean "My dream, the universe" or "The universe I dream of" because the universe is not human and won't dream anything. so it is "I (私)" who dream of. probably it will help to understand when adding 私が to 夢見る宇宙 so it will be (私が) 夢見る宇宙. sometime the subject is omitted from a sentence when it is so obvious.

It probably means "the dreaming universe" but it could also mean "the universe I/we dream in".