Reaction wheels are angular momentum exchange devices used to stabilize the position of the satellite and maneuvering. This actuator can change the momentum of the satellite to change the attitude of the system. During the process of operation, noise and disturbances arisen from the unbalancing of the wheels lead to inconvenient performance of the reaction wheels. Several works have been presented for active noise cancelation in these devices. But, the practical tools of signal processing such as filter banks and wavelets which used for offline de-noising are samples of very useful noise cancellation methods. If these toolboxes are employed for online de-noising these signal processing approaches are applicable for noisy systems such as reaction wheels. The main challenge of this strategy is delay arisen from the signal processing and this is inevitable. In this paper, a strategy of online wavelet de-noising is designed and proposed for noise cancellation in a reaction wheel. In this regards, for considering the delay compensation the method of Smith predictor is used to lead the delay of the process out of the closed loop control system. The accuracy of this algorithm requires an estimate of the system dynamics and the understanding of the delay system. According to the use of the FIR filter delay can be fully calculated. The recursive least squares used for identification reaction wheel as an estimate of the system.