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The main result of this paper consists in showing that every stationary one-dependent random sequence (with finite state space) admits a so-called Hilbert space representation (HSR).   Further, if the Hilbert space which this representation is based on is two-dimensional, then the corresponding one-dependent sequence \\(X_ n\\), \\(n\\in N\\), is a two-block-factor, i.e. there is a function \\(f\\) of two variables such that \\(X_ n= f(Y_ n, Y_{n+1})\\) with i.i.d. r.v.'s \\(Y_ n\\), \\(n\\in N\\). As shown by \\textit{J. Aaronson}, \\textit{D. Gilat} and \\textit{M. Keane} [J. Theor. Probab. 5, No. 3, 545-561 (1992; Zbl 0754.60070)] there exist indeed examples of one-dependent sequences which cannot be a two-block 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