Performance of teleoperation can be greatly influenced by time delay in the process of tele-manipulation with respect to accuracy and transparency. Wave variable is an effective algorithm to achieve a good stable capability. However, some traditional wave variable methods may decrease the performance of transparency and suffer the impacts of wave reflection. To deal with the problem of stability and transparency in teleoperation, in this paper, a novel wave variable method with four channel is presented to achieve stable tracking in position and force. In addition, the proposed method can achieve the distortion compensation and reduce the impacts of wave reflection. The simulation experimental results verified the tracking performance of the proposed method.