A numerical study of the homo-interactions between two falling droplets and between two rising bubbles in a strongly coupled dusty plasma medium is presented in this article. The strongly coupled dusty plasma is considered as a viscoelastic fluid using the generalized hydrodynamic fluid model formalism. Two factors that affect homo-interactions are taken into account: the initial spacing and the coupling strength of the medium. Three different spacings between two droplets are simulated: widely, medium and closely. In each case, the coupling strength has been given as mild–strong and strong. It is shown that the overall dynamic is governed by the competition between the acceleration of two droplets/bubbles due to gravity and the interaction due to the closeness of the droplets/bubbles. Particularly in viscoelastic fluids, apart from the initial separation, shear waves originating from rotating vortices are responsible for the closeness of two droplets or bubbles. Several two-dimensional simulations have been carried out. This work is a continuation of the work done in Parts 1 (Dharodi & Das, J. Plasma Phys., vol. 87, issue 2, 2021, 905870216) and 2 (Dharodi, J. Plasma Phys., vol. 87, issue 4, 2021, 905870402).