This paper attempts to explicate pragmatic and semantic conditions that license internally headed relative clauses in Korean. The notion relevancy is defined in a precise manner so that the vague notion can become linguistically significant and conceptually concrete. In particular, relevancy is recapitulated in terms of argument binding in the sense that two events should be in specific spatio-temporal configurations in order to be relevant to each other. This can provide a strong support to Kratcher’s proposal involving implicit arguments of events. As compared to ordinary relative clauses which simply functions as a restriction on the size of the set of entities denoted by the head noun, internally headed clauses implicate that the two events denoted by main clause and the relative clause are in meaningful relations, or in some sort of relevant configurations. Meaningfulness of relevancy can be seen as argument sharing among the events in Davidsonian sense. The dichotomy between individual-level predicates and stage-level predicates is crucial and essential to capturing the general distinctive pattern of two kinds of predicates in internally headed relative clauses in Korean. It has further been shown that aspectual properties of stage level predicates play an important role in licensing the construction in question. These properties of the construction seems to support Vendler’s proposal.