Although time-frequency analysis is effective for characterizing dispersive wave signals, the time-frequency tilings of most conventional analysis methods do not take into account dispersion phenomena. An adaptive time-frequency analysis method is introduced whose time-frequency tiling is determined with respect to the wave dispersion characteristics. In the dispersion-based time-frequency tiling, each time-frequency atom is adaptively rotated in the time-frequency plane, depending on the local wave dispersion. Although this idea can be useful in various problems, its application to the analysis of dispersive wave signals has not been made. In this work, the adaptive time-frequency method was applied to the analysis of dispersive elastic waves measured in waveguide experiments and a theoretical investigation on its time-frequency resolution was presented. The time-frequency resolution of the proposed transform was then compared with that of the standard short-time Fourier transform to show its effectiveness in dealing with dispersive wave signals. In addition, to facilitate the adaptive time-frequency analysis of experimentally measured signals whose dispersion relations are not known, an iterative scheme for determining the relationships was developed. The validity of the present approach in dealing with dispersive waves was verified experimentally.