Parallel termination of a transmission line,how does the receiver see the full voltage?

[hioyo]

In parallel termination of a transmission line, the line characteristic impedance Z0 is matched with the pull-down resistance Rp.
But, in that case, shouldn't the receiver see half of the transmitted voltage?

 

[FvM]

Yes, if the line has also series termination at the source side. No if the source side is unterminated.

 

[crutschow]

Conversely, if there is a series matching termination at the source and no termination at the receiver, the receiver will also see the full source voltage.

Transmission lines store energy in their distributed inductance and capacitance.
If this energy is dissipated in a resistance equal to the line characteristic impedance at either end, then there are no reflections seen in the received signal.
If there is no termination, then the stored energy will be reflected back and forth between the two line ends until the energy is dissipated.