The temporal dynamics of a complex system such as a social network or a communication network can be studied by understanding the patterns of link appearance and disappearance over time. A critical task along this understanding is to predict the link state of the network at a future time given a collection of link states at earlier time points. In existing literature, this task is known as link prediction in dynamic networks. Solving this task is more difficult than its counterpart in static networks because an effective feature representation of node-pair instances for the case of dynamic network is hard to obtain. To overcome this problem, we propose a novel method for metric embedding of node-pair instances of a dynamic network. The proposed method models the metric embedding task as an optimal coding problem where the objective is to minimize the reconstruction error, and it solves this optimization task using a gradient descent method. We validate the effectiveness of the learned feature representation by utilizing it for link prediction in various real-life dynamic networks. Specifically, we show that our proposed link prediction model, which uses the extracted feature representation for the training instances, outperforms several existing methods that use well-known link prediction features.