A new algorithm, which is incorporated into the waveform relaxation analysis, for efficiently simulating the transient response of single lossy transmission lines or lossy coupled multiconductor transmission lines, terminated with arbitrary networks will be presented. This method exploits the inherent delay present in a transmission line for achieving simulation efficiency equivalent to obtaining converged waveforms with a single iteration by the conventional iterative waveform relaxation approach. To this end we propose 'line delay window partitioning' algorithm in which the simulation interval is divided into sequential windows of duration equal to the transmission line delay. This window scheme enables the computation of the reflected voltage waveforms accurately, ahead of simulation, in each window. It should be noted that the present window partitioning scheme is different from the existing window techniques which are aimed at exploiting the non–uniform convergence in different windows. In contrast, the present window technique is equivalent to achieving uniform convergence in all the windows with a single iteration. In addition our method eliminates the need to simulate the transmission line delay by the application of Branin's classical method of characteristics. Further, we describe a simple and efficient method to compute the attenuated waveforms using a particular form of lumped element model of attenuation function. Simulation examples of both single and coupled lines terminated with linear and nonlinear elements will be presented. Comparison indicates that the present method is several times faster than the previous waveform relaxation method and its accuracy is verified by the circuit simulator PSpice.