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Appropriate dispersion management possesses the superiority to relax the limitation of nonlinearities in high-speed transmission systems employing optical phase conjugation (OPC). In this paper, several dispersion-compensation schemes have been analytically and numerically investigated in a 160-Gb/s OPC system. A comprehensive performance comparison of these schemes over 1200-km transmissions has been carried out to present a reference for future OPC system designs. The scheme with a gradient dispersion map is recommended, particularly for G.655 fiber with a relatively low local dispersion.