The dynamic magnetic pair-density function (DymPDF) D_(rm M)(r, E) is derived by extending the static magnetic pair distribution function (mPDF) to finite energy transfer. The analytical DymPDF of a one-dimensional Heisenberg ferromagnet is obtained from the magnon dispersion and compared with simulations performed using textsc SpinW. Excellent agreement is achieved for energy dependence of the nearest-neighbor spin-pair correlation, demonstrating that the DymPDF changes sign at the magnon-mode transition occurring at one-half of the maximum magnon energy. The r-dependence of DymPDF at low energy is also reproduced with a model including magnon correlation length and Fourier-termination effects. These results establish the theoretical foundation of DymPDF analysis for investigating local spin dynamics in magnetic materials.