To dream of a beauty pageant represents a situation in your life where you or others are competing to see who’s “perfecter”. It may also reflect a competition or rivalry to be seen as the most liked or most popular. Socially competing to see who finds it easiest to be liked the most.
Example: A young girl dreamed of being in a beauty pageant with a friend from school. In waking life she was highly competitive to be better liked by her parents than her sister was.