See Peter May's "A General Algebraic approach to Steenrod Operations". Both arise from considering the inclusion of a Sylow $p$-subgroup into $\Sigma_{p^2}$. There is a universal $\mathbb{Z}$-indexed set of operations with the Steenrod algebra and Dyer-Lashof algebra arising as the quotients acting on the homology of appropriate non-negative (resp., non-positive) complexes.
Here's a nice example: consider the Steenrod algebra acting on the cohomology of graded cocommutative Hopf algebras. (In this, $Sq^0 \neq 1$.) One can grade the operations homologically, $Q^i : Ext^{s,t} \to Ext^{t+s-i,2t}$ or cohomologically, $Sq^i : Ext^{s,t} \to Ext^{s+i,2t}$.
The Dyer-Lashof operation $Q^i$ raises the `total degree' $t-s$ by $i$, and the Steenrod operation does what you expect from the cohomology of groups, for example, if everything is in internal degree $t=0$.
It is the same set of operations on $Ext$, but in the first grading you get the homological form of the Adem relations and in the second grading you get the cohomological form.
One reason to consider the homological grading is that if $R$ is an $E_\infty$-ring spectrum, then $Q^i$ in the $E_2$-term of the Adams spectral sequence $Ext_{A}(H^*R, F_2) \Rightarrow \pi_* R$ agrees with the $Q^i$ in $H_* R$ under the edge homomorphism and the Hurewicz map.