Relay communications have attracted increasing research attentions as a cost-effective technique to improve spatial diversity, service coverage, and energy efficiency in wireless networks. However, existing relay schemes (e.g., amplifyand-forward and decode-and-forward (DF) schemes) still face several major challenges, particularly the accumulation of multipath channels effect in AF and long processing latency in DF. To address these issues, we propose a novel equalizeand-forward (EF) relay scheme to enhance the retransmission reliability while maintaining low processing delay at the relay node. In particular, the proposed EF relay estimates and equalizes the channel between source and relay to eliminate the channel accumulation effect without signal regeneration. To further reduce the relay processing time, the channel estimation and equalization in the proposed EF design are performed in parallel. The proposed equalization is realized by presetting the equalizer coefficients with the current channel response that is predicted in parallel using multiple past channel responses. Numerical results show that the proposed EF relay scheme can achieve comparable symbol error rate performance as the DF relay with much less relay latency. In addition, the EF relay exhibits low outage probability at the same data rate as compared with traditional amplify-and-forward and DF schemes.