PurposeTo propose a novel model incorporating virtual conjugate coil (VCC) reconstruction and wave encoding (Wave) for improved parallel MRI.Theory and MethodsA novel model (VCC‐Wave) incorporating VCC and Wave is proposed. The correlation matrix of the encoding operator is introduced to analyze the encoding capability. In addition, simulation experiments are conducted to gain insights into VCC‐Wave. In vivo experiments are performed to compare VCC‐Wave with alternative methods.ResultsThe correlation matrix and the simulation experiments show that the proposed VCC‐Wave can utilize more priors of Wave under the VCC framework. In vivo experiments show that the proposed VCC‐Wave can achieve good image quality at a 6‐fold acceleration in high‐resolution and high‐bandwidth cases, indicating an improvement over the original Wave technique.ConclusionThe proposed VCC‐Wave can not only combine the advantages of both the VCC and Wave but also exploit more priors of Wave under the VCC framework. The improvement in VCC‐Wave alleviates the limitation of Wave in high‐resolution and high‐bandwidth cases.