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In this Letter, a general space–time line code (STLC)‐based two‐way relay (TWR) method is proposed to enable a power control for individual data streams transmitted to source nodes. Optimal power control factors are derived to ensure fairness between two source nodes under per‐antenna power constraints. When the two‐way channels are unbalanced, numerical results verify that the proposed method outperforms the existing TWR methods, an STLC TWR method without power control, and a space division multiple‐access‐based TWR method. [ABSTRACT FROM AUTHOR]