Extending input/output (I/O) bus networks over wireless Ethernet is expected to provide an effective way of achieving communication between multiple hosts and I/O devices. However, because connections on wireless Ethernet are lossy and unreliable, retransmission of I/O packets increases transmission latency that exceeds the limits of the I/O bus protocol. In this paper, we propose an Ethernet transport mechanism that adopts rateless codes to provide reliable transmission without having to retransmit packets. We further devised a queuing model to set the operating parameters of rateless codes to bound the probability of end-to-end latency that exceeds the defined limit value. Our results obtained through simulations and an FPGA implementation show that the proposed method decreased the transmission latency of I/O packets and enabled it to meet the requirements of the I/O bus protocol.