Place a small saucepan over medium-low heat. Pour the balsamic vinegar and honey into the pan. Stir well.
Bring it to a low boil, then reduce the heat to low. Simmer for 10 to 12 minutes, occasionally stirring, until the glaze is reduced by half, and lightly coats the back of a spoon.
Immediately take the glaze off heat, and cool. It will thicken more as it cools. Store in a glass container.