Lexemes relate in terms of sense in various ways that are linguistically referred to as homonymy, polysemy, antonymy, synonymy and even hyponymy among others. Though some of these relations like hyponymy tend to include majorly lexemes referring to discrete objects that relate in terms of sense, there is a lexical relation whereby one whole object refers to a combination of various parts which may include discrete and abstract entities. These parts are of different structures and functions. This relation involving the whole and the parts is normally referred to as meronymy. Thus the article shows the application of set theory formulas in the presentation of lexical meronymy. Though there are component – integral object, member – collection, portion – mass, stuff – object, feature – activity and also place – area relations in meronymy, the study has only embarked on the component – integral object and place –area relations together with some two more proposed period – time and colour – spectrum relations.