Graph embedding methods are effective techniques for representing nodes and their relations in a continuous space. Specifically, the hyperbolic space is more effective than the Euclidean space for embedding graphs with tree-like structures. Thus, it is critical how to select the best dimensionality for the hyperbolic space in which a graph is embedded. This is because we cannot distinguish nodes well with dimensionality that is considerably low, whereas the embedded relations are affected by irregularities in data with excessively high dimensionality. We consider this problem from the viewpoint of statistical model selection for latent variable models. Thereafter, we propose a novel methodology for dimensionality selection based on the minimum description length principle. We aim to introduce a latent variable modeling of hyperbolic embeddings and apply the decomposed normalized maximum likelihood code-length to latent variable model selection. We empirically demonstrated the effectiveness of our method using both synthetic and real-world datasets.