In image-based relighting, a pixel is associated with a number of sampled radiance values. This paper presents a two-level compression method. In the first level, the plenoptic property of a pixel is approximated by a spherical radial basis function (SRBF) network. That means that the spherical plenoptic function of each pixel is represented by a number of SRBF weights. In the second level, we apply a wavelet-based method to compress these SRBF weights. To reduce the visual artifact due to quantization noise, we develop a constrained method for estimating the SRBF weights. Our proposed approach is superior to JPEG, JPEG2000, and MPEG. Compared with the spherical harmonics approach, our approach has a lower complexity, while the visual quality is comparable. The real-time rendering method for our SRBF representation is also discussed.