Source : Webster's Revised Unabridged Dictionary (1913)

Palfrey \Pal"frey\, n. [OE. palefrai, OF. palefrei, F. palefroi,
   LL. palafredus, parafredus, from L. paraveredus a horse for
   extraordinary occasions, an extra post horse; Gr. ? along,
   beside + L. veredus a post horse.]
   1. A saddle horse for the road, or for state occasions, as
      distinguished from a war horse. --Chaucer.

   2. A small saddle horse for ladies. --Spenser.

            Call the host and bid him bring Charger and palfrey.
                                                  --Tennyson.

Source : WordNet®

palfrey
     n : especially a light saddle horse for a woman