Related, but not really directly correlated.
Dynamic range is a measure of a camera system - how far it can see into the shadows and how far it can see into the highlights. Dynamic range can be measured objectively, but even then there's a subjective component as each and every viewer will have their own noise tolerance threshold. This governs how much of the shadow part of the dynamic range they find actually usable.
Latitude is related to dynamic range, but it is also scene dependent. Latitude is the degree to which you can over or under expose a scene and be able to bring it back to a usable exposure value after recording. It is dependent upon dynamic range, which is going to set the overall boundary of by how much you can over and under expose, but it's limited by the scene too, and how bright and dark the scene itself goes.
Say a scene has a range of brightness of 5 stops (a typical Macbeth chart for instance), and let's use a camera that has a 12 stop dynamic range. If we place the scene in the middle of that camera's recordable range, we have 7 stops to play we can we could over or under expose by 3.5 stops and still recover the scene.
But if the scene was a real world scene of actor against a sunlit window and the range of brightness of 15 stops, you don't have any latitude at all - no matter how you expose that scene you're going to loose shadow or highlight information.
So yes, latitude and dynamic range are related, but different. Latitude can't really be used to infer how much total dynamic range a camera has.