A system for sharing wavelet domain components among encoded signals receives a set of signals decomposed and encoded according to a wavelet transform. The decomposed and encoded signals each include a set of wavelet coefficients at each level of the decomposition of the encoded signal. Using a vector quantization technique, the system identifies one or more sets of wavelet coefficients that are sharable among two or more of the decomposed and encoded signals at a particular level of decomposition. The system then stores the sets of wavelet coefficients of the decomposed and encoded signals. Each identified sharable set of wavelet coefficients at a particular level of decomposition is stored only once and shared by two or more of the decomposed and encoded signals.