The Mediterranean Forecasting System (MFS) Ocean Model, provided by INGV, has been chosen as case study to analyze Lagrangian trajectory predictability by means of a dynamical systems approach. To this regard, numerical trajectories are tested against a large amount of Mediterranean drifter data, used as sample of the actual tracer dynamics across the sea. The separation rate of a trajectory pair is measured by computing the Finite-Scale Lyapunov Exponent (FSLE) of first and second kind. An additional kinematic Lagrangian model (KLM), suitably treated to avoid ''sweeping''-related problems, has been nested into the MFS in order to recover, in a statistical sense, the velocity field contributions to pair particle dispersion, at mesoscale level, smoothed out by finite resolution effects. Some of the results emerging from this work are: (a) drifter pair dispersion displays Richardson's turbulent diffusion inside the [10-100] km range, while numerical simulations of MFS alone (i.e., without subgrid model) indicate exponential separation; (b) adding the subgrid model, model pair dispersion gets very close to observed data, indicating that KLM is effective in filling the energy ''mesoscale gap'' present in MFS velocity fields; (c) there exists a threshold size beyond which pair dispersion becomes weakly sensitive to the difference between model and ''real'' dynamics; (d) the whole methodology here presented can be used to quantify model errors and validate numerical current fields, as far as forecasts of Lagrangian dispersion are concerned.