Deep learning with Convolutional Neural Networks has shown great promise in various areas of image-based classification and enhancement but is often unsuitable for predictive modeling involving non-image based features or features without spatial correlations. We present a novel approach for representation of high dimensional feature vector in a compact image form, termed REFINED (REpresentation of Features as Images with NEighborhood Dependencies), that is conducible for convolutional neural network based deep learning. We consider the correlations between features to generate a compact representation of the features in the form of a two-dimensional image using minimization of pairwise distances similar to multi-dimensional scaling. We hypothesize that this approach enables embedded feature selection and integrated with Convolutional Neural Network based Deep Learning can produce more accurate predictions as compared to Artificial Neural Networks, Random Forests and Support Vector Regression. We illustrate the superior predictive performance of the proposed representation, as compared to existing approaches, using synthetic datasets, cell line efficacy prediction based on drug chemical descriptors for NCI60 dataset and drug sensitivity prediction based on transcriptomic data and chemical descriptors using GDSC dataset. Results illustrated on both synthetic and biological datasets shows the higher prediction accuracy of the proposed framework as compared to existing methodologies while maintaining desirable properties in terms of bias and feature extraction.