Room temperature ionic liquids (RTILs) are salts that are liquid at ambient temperatures with beneficial properties like nonflammability, low vapor pressure, and high ionic conductivity. Some ionic liquids also exhibit significant improvement in properties such as ionic conductivity when diluted with other solvents, which makes them promising candidates to be used as electrolytes in various applications. This non-monotonous behavior has often been attributed to the extent of ionic dissociation in such electrolytes, and several theories have been proposed to explain it. Further, the effects of ion dissociation are also known to impact the density, viscosity, surface tension, vapor pressure, chemical reactivity, and solubility of such mixtures. Thus, understanding ion dissociation and developing a theoretical framework that can explain the behavior of such electrolytic mixtures of ionic liquids and molecular solvents is crucial to leverage such systems in various applications.