The main disadvantage of the electromagnetic acoustic transducer (EMAT) is low energy-conversion efficiency and low signal-to-noise ratio (SNR). This problem can be improved by pulse compression technology in the time domain. In this paper, a new coil structure with unequal spacing was proposed for a Rayleigh wave EMAT (RW-EMAT) to replace the conventional meander line coil with equal spacing, which allows the signal to be compressed in the spatial domain. Linear and nonlinear wavelength modulations were analyzed to design the unequal spacing coil. Based on this, the performance of the new coil structure was analyzed by the autocorrelation function. Finite element simulation and experiments proved the feasibility of the spatial pulse compression coil. The experimental results show that the received signal amplitude is increased by 2.3~2.6 times, the signal with a width of 20 μs could be compressed into a δ-like pulse of less than 0.25 μs and the SNR is increased by 7.1–10.1 dB. These indicate that the proposed new RW-EMAT can effectively enhance the strength, time resolution and SNR of the received signal.