The present paper emphasizes greatly on the development of a simulation model for the single relaying based cooperative MIMO OFDM wireless communication system This paper provides a new insight on system performance comparison with Amplify and Forward relaying protocol, STBC and Spatial multiplexing schemes, four channel equalization techniques (ZF, MMSE, ZF-SIC and MMSE-SIC) and four digital modulation schemes (BPSK, QPSK, 16PSK and 64PSK). From simulation results for encrypted color image transmission, it is observable that the STBC encoded MIMO-OFDM system with Amplify and Forward relaying protocol, BPSK digital modulation and MMSE-SIC channel equalization technique provides an encouraging and quite acceptable system performance.