Well, aakaasha is one the five elements (pañca-bhuutas). (The adjectival form 
derived from that is paañca-bhautika*: consisting of the five elements). It 
seems to be considered the finest of the gross elements (sthuula-bhuutaani),
 and associated with the sense of hearing. (The fine elements prolly are the
 tan-maatras, associated with each sense?)
 

 * This is so called vRddhi-derivative, whereupon the vowel is lengthened 
(here: a > aa) or diphthongized  (here: uu > au)

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