PACS 75.30.Ds, 76.50.+g We derive the FMR dispersion relation of spin valve systems taking into account the competition that can appears between the direct exchange bias coupling and the indirect interlayer coupling. For uncoupled ferromagnetic (FM) layers, the system exhibits a dispersion relation corresponding to two independent systems: a single FM layer (free layer) and an exchange-coupled bilayer (reference/antiferromagnetic layers). In the interlayer coupled regime a unidirectional anisotropy is induced in the free layer and the FMR field is overall downshifted.Magnetic spin valves [1] have been widely investigated since the discovery of their magnetic properties and the realization of their potential applications as magnetoresistive sensor in magnetic read/write heads of storage devices [2] and in magnetoresistive random access memories (MRAM). A spin valve consists of two ferromagnetic (FM) metal layers separated by a thin nonmagnetic metal layer, in atomic contact with a thick antiferromagnetic (AF) layer. The first FM film, named reference layer, has the direction of its magnetization set in a fixed direction by the exchange bias coupling with the AF layer. The magnetization of the other FM layer is free to rotate in response to an in-plane external magnetic field. The operation point of a spin valve sensor depends directly on the magnetic coupling between the two FM layers [2]. Ferromagnetic resonance (FMR) has been shown to be the most successful technique to determine the values of the effective fields associated to the couplings between the various layers in magnetic multilayer systems [3][4][5]. We investigate the competition between the exchange bias coupling and the interlayer exchange coupling, in spin valve systems and present a calculation of the spin wave dispersion relation in these systems that can be used to interpret the in-plane ferromagnetic resonance field dependence. We consider three coupled magnetic layers denoted by FM 1 (free layer), FM 2 (reference layer) and AF 3 (antiferromagnetic). The magnetization vectors for the three layers are given by 1 M , 2 M , 3 M ( 3 M is the magnetization for one of the AF sublattices in atomic contact with FM 2 ) and the thicknesses are 1 t , 2 t and 3 t respectively. The free layer is separated from the reference layer by a nonmagnetic metallic spacer of thickness d . The magnetic free energy per unit area of the entire structure can be written as:where the first term represents the free energy of the uncoupled ferromagnetic films: