Density waves are characteristic for fluidized beds and affect measurements on liquidlike dynamics in fluidized granular media. Here the intensity autocorrelation function as obtainable with diffusing-wave spectroscopy is derived in the presence of density waves. The predictions by the derived form of the intensity autocorrelation function match experimental observations from a gas-fluidized bed. The model suggests separability of the contribution from density waves from the contribution by microscopic scatterer displacement to the decay of correlation and thus paves the way for characterizing microscopic particle motions using diffusing-wave spectroscopy as well as heterogeneities in fluidized granular media.