This paper is concerned with the connection between the properties of dielectric relaxation and alternating-current (ac) conduction in disordered dielectrics. The discussion is divided between the classical linear-response theory and a self-consistent dynamical modeling. The key issues are stretched exponential character of dielectric relaxation, power-law power spectral density, and anomalous dependence of ac conduction coefficient on frequency. We propose a self-consistent model of dielectric relaxation in which the relaxations are described by a stretched exponential decay function. Mathematically, our study refers to the expanding area of fractional calculus and we propose a systematic derivation of the fractional relaxation and fractional diffusion equations from the property of ac universality.