To dream of a penguin represents an aspect of yourself that is noticeably harmless or powerless. You or someone else that is perceived to be non-threatening. You or someone else may want others to notice how positive, honest, or harmless they are. Behavior that notices itself being perfectly behaved.
Negatively, penguins may reflect feelings about yourself being a “nice person” or “good behaver” for other people that is too concerned with what other people think.
To dream of an angry penguin may symbolize you or someone else that is frustrated with people walking all over them or taking advantage of their good nature.
A penguin may be a sign that you or someone else wants more acceptance, acknowledgment, or compassion from others. A penguin may also reflect a wish to defuse others view of you as a threat.
Example: A man dreamed of seeing penguins playing in the air. In real life he felt co-workers saw him as an easy target to get fired to save their own jobs. The penguins reflected his feelings about himself being a pushover.
Example 2: A woman dreamed of giving birth to a penguin. In waking life she felt she was too much of a people pleaser at work which prevented her from a business opportunity.