Add the water and dried lavender buds to a small saucepan over med-high heat. Bring the mixture to a boil and stir for 3-4 minutes. Remove from the heat and stir in the honey. Allow the mixture to steep and cool for at least 1 hour.
Use a funnel and a fine mesh strainer and pour the syrup into a glass container. Discard the lavender buds.
The syrup will keep in the fridge for a few weeks.