In this work, we propose a new method to improve the dynamic range performance of the Modulated Wideband Converter (MWC), which is multi-channel sampling system for digitizing wideband sparse signals below the Nyquist limit without loss of information by using compressive sensing techniques. MWC achieves high dynamic range assuming that subband frequency responses of the system are identical. However, in hardware implementations of MWC, the resulting sub-band frequency responses are not identical and dynamic range performance of the system drops significantly which makes it unusable in practical applications. Proposed method iteratively designs FIR filters for equalizing frequency responses of the all sub-bands. Obtained results from the extensive computer simulations of the MWC system show that proposed method improves the dynamic range performance of the MWC system significantly.