Origin and Meaning
It has a double etymology : the first element Au-d- in both cases is ultimately from the Anglo-Saxon ethel (also spelled æðel) meaning "noble".
The second element -d-rey can be rǣd, rēd "advice, opinion, happiness", so Æthelred > Aldred, Eldred in Middle-English is a masculine name. The phonetical shift Aldred > Audrey is typical for the Anglo-Norman language, a Langue d'oïl, close related to Old French.
The second element can be thruth (also spelled þryð) "strength", because Saint Æthelthrut(h) is called Saint Audrey too.
Read more about this topic: Audrey
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