In this paper, a Simultaneous Wireless Information and Power Transfer (SWIPT) aided Cooperative Relaying (CoR) scheme is employed to perform energy harvesting and information transmission at the same time for a low-powered Internet of Things (IoT) network. A decode and forward power splitting relaying (DF-PSR) protocol is utilized, and performance analysis is made by considering two scenarios, namely (i) Energy Harvesting (EH) relay and non-EH IoT device, and (ii) EH relay and EH-IoT device. Analytical models for computing Average Symbol Error Probability (ASEP) based on an Optimal Power Splitting Scheme (OPSS) for Scenario-1 and Joint Optimal Power Splitting Scheme (JOPSS) for Scenario-2 are presented by considering the effects of relay location. Moreover, an Adaptive Power Splitting Scheme (APSS) is suggested based on instantaneous Symbol Error Probability (SEP) under instantaneous channel conditions. The analytical results are validated through Monte Carlo simulations. The simulation results show that APSS performs better as compared to OPSS under given conditions.