The allocation of bandwidth to unlicensed users, without significantly increasing the interference on the existing licensed users, is a challenge for Ultra Wideband (UWB) networks. Our research work presents a novel Rake Optimization and Power Aware Scheduling (ROPAS) architecture for UWB networks. Since UWB communication is rich in multipath effects, a Rake receiver is used for path diversity. Our idea of developing an optimized Rake receiver in our ROPA Sarchitecture stems from the intention of reducing the computation complexity in terms of the number of multiplications and additions needed for the weight derivation attached to each finger of the Rake receiver. Our proposed work uses the Cognitive Radio (CR) for dynamic channel allocation among the requesting users while limiting the average power transmitted in each sub-band. In our proposed novel ROPAS architecture, dynamic channel allocation is achieved by a CR-based cross-layer design between the PHY and Medium Access Control (MAC) layers. Additionally, the maximum number of parallel transmissions within a frame interval is formulated as an optimization problem. This optimal decision is based on the distance parameter between a transmitter-receiver pair, bit error rate and frequency of request by a particular application. Moreover, the optimization problem improvises a differentiation technique among the requesting applications by incorporating priority levels among user applications. This provides fairness and higher throughput among services with varying power constraint and data rates required for a UWB network.