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Range‐time‐intensity (RTI) plots of 50 MHz radar backscatter detected at Jicamarca from the 150‐km region of the equatorial ionosphere exhibit necklace‐shaped multilayered structures first reported by Kudeki and Fawcett (1993, https://doi.org/10.1029/93GL01256). The backscatter layers also exhibit quasi‐periodic intensity fluctuations with periods of about 5–15 min and are separated from adjacent layers by thin and undulating regions of no detectible power returns. A study of the fluctuating backscatter layers and undulating gap regions will be presented using VIPIR ionosonde data taken at the Jicamarca Radio Observatory simultaneously with high‐resolution 50‐MHz radar backscatter data. VIPIR virtual reflection height variations in time are noted to match the RTI gap‐region undulations very closely at selected VIPIR frequencies (or, equivalently, electron densities at reflection heights). This matching enables assigning "true heights" to VIPIR virtual height contour maps, and a joint study of the contour maps with the 50‐MHz radar RTI maps strongly suggests that correlated fluctuations and undulations observed in VIPIR and 50‐MHz radar data are indicative of gravity wave‐induced variations in the 150‐km region ionosphere. Accordingly, a complete explanation of the 150‐km echo phenomenon will need to include gravity wave coupling and forcing effects in the enhancement and suppression processes that can account for the observed fluctuations and gap‐region features of necklace‐shaped 150‐km echo maps. Key Points: VIPIR ionosonde and 50 MHz radar data are used jointly to investigate the equatorial 150‐km irregularitiesThe 150‐km echo layers seen in 50 MHz data are aligned with VIPIR isodensity contours in the region rippled by gravity wave modulationsThe 150‐km irregularity models need to account for gravity wave modulation and forcing effects [ABSTRACT FROM AUTHOR]