According to the basic principle and features of polarized current traveling-wave based directional relay（PCTDR）， an integrated design scheme of PCTDR is presented. Then the ultra high speed traveling-wave based protection board is designed with kernel of three CPU， i.e. complex programmable logic device（CPLD）， digital signal processor（DSP）， and high performance micro-processor unit（MPU）. Also the hardware structure and software flow chart are presented. In the meantime， traveling-wave based directional pilot protection scheme is given and the test results of dynamic simulations are presented. The dynamic simulation results show that ultra high speed traveling-wave based protection board can implement synchronously high speed data sampling， real-time high-speed data processing， and high speed protection logic judgment function. The fault direction can be judged within 5 ms with PCTDR and the total tripping time of traveling-wave based directional pilot protection is about 15 ms. Traveling-wave based directional pilot protection has fast speed and is immune to capacitor voltage transformers transforming characteristics， current transformer saturation， fault types， fault distance and transient resistance， as well as it has good operation performance.