IEEE 802.11p based Dedicated Short-Range Communication (DSRC) is considered a potential wireless technology to enable transportation safety and traffic efficiency. A major challenge in the development of IEEE 802.11p technology is ensuring communication reliability in highly dynamic Vehicle-to-Vehicle (V2V) environments. The design of IEEE 802.11p does not have a sufficient number of training symbols in the time domain and pilot carriers in the frequency domain to enable accurate estimation of rapidly varying V2V channels. The channel estimation of IEEE 802.11p is preamble based, which cannot guarantee a suitable equalization in urban and highway scenarios, especially for longer length data packets. This limitation has been investigated by some research works, which suggest that one major challenge is determining an accurate means of updating channel estimate over the course of packet length while adhering to the standard. The motivation behind this article is to overcome this challenge. We have proposed an improved Constructed Data Pilot (iCDP) scheme which adheres to the standard and constructs data pilots by considering the correlation characteristics between adjacent data symbols in time domain and adjacent subcarriers in frequency domain. It is in contrast to previous schemes which considered the correlation in the time domain. The results have shown that the proposed scheme performs better than previous schemes in terms of bit error rate (BER) and root-mean-square error (RMSE).