The Collaborative International Dictionary of English v.0.48:

dreamworld \dream"world`\ (dr[=e]m"w[^u]rld), n.
   A pleasing country existing only in dreams or imagination; a
   fantasy land.

   Syn: never-never land, dreamland.
        [WordNet 1.5]

WordNet (r) 3.0 (2006):

dreamworld
    n 1: a pleasing country existing only in dreams or imagination
         [syn: never-never land, dreamland, dreamworld]

Moby Thesaurus II by Grady Ward, 1.0:

25 Moby Thesaurus words for "dreamworld":
   airy nothing, autism, bubble, chimera, daydream, deception,
   deluded belief, delusion, dereism, dream, dream vision, dreamland,
   false belief, ignis fatuus, illusion, misbelief, misconception,
   pipe dream, self-deceit, self-deception, self-delusion, trick,
   trip, vapor, wrong impression