Technologies for cooperative link equalization include a network device with a network interface controller (NIC). The NIC is to monitor variation in a property of a link channel that connects the network device with a target network device. The NIC detects, based on the channel variation, an event that triggers a condition to change an equalization setting of the link channel. In response to the detection, the NIC communicates, via an in-band equalization control channel, changes to the equalization setting of the link channel to the target network device.