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This paper proposes formulating Zipf’s meaning-frequency law, the power law between word frequency and the number of meanings, as a relationship between word frequency and contextual diversity. The proposed formulation quantifies meaning counts as contextual diversity, which is based on the directions of contextualized word vectors obtained from a Language Model (LM). This formulation gives a new interpretation to the law and also enables us to examine it for a wider variety of words and corpora than previous studies have explored. In addition, this paper shows that the law becomes unobservable when the size of the LM used is small and that autoregressive LMs require much more parameters than masked LMs to be able to observe the law.