Add the dried elderberries and water to a saucepan.
Bring to a gentle boil, then reduce heat and simmer uncovered for 40-45 minutes, until the liquid reduces by about half.
Remove from heat and let cool slightly.
Strain the liquid through a fine mesh strainer or cheesecloth, pressing the berries to extract all the liquid. Discard the solids.
While the liquid is warm (not hot), stir in the honey until fully dissolved.
Transfer the syrup to a clean glass jar and let it cool completely before sealing.
Store refrigerated.