Is there a way I can save the history for what I have searched for in Dictionary.app or save them for reference within the application itself ?
I would love it if you could view your history or bookmark words, but I'm fairly sure that you can't. See, for example, the TUAW article "Apple updates Dictionary app in Lion, still has a long way to go":
I would also love to be able to bookmark favorite words and create word lists where I can group similar words together for quick access.
I'm also unaware of any hacks or add-ons that would make this possible.
Unfortunately the Dictionary app is not scriptable. But you can use this applescript, and create it as an app and every time you click on it it after opening the dictionary with the word it will log in a text file the entry word you look up. I had this created as I wanted to keep a running record of all the words that I look up.