Nematolepis ovatifolia is a small, dense shrub with more or less angled to terete stems covered in light rust coloured scales and sparsely dotted with warty glands.

The inflorescences are a small, tight cluster of 1-3 white flowers, petals about 4 mm (0.16 in) long, pink in bud, dotted with glands, individual flowers and cluster stems thick, flattened and together 2–4 mm (0.079–0.157 in) long.

The dry, erect' seed capsule is more or less square, about 3 mm (0.12 in) long with a short rounded point.

[2][3] This species was first formally described by Ferdinand von Mueller in 1855 and gave it the name Phebalium ovatifolium and the description published in Definitions of rare or hitherto undescribed Australian plants.

[6][7] Nematolepis ovatifolia grows in low woodland on granite ridges in the alpine regions of the Kosciuszko National Park.