Existing research studies on cross-sentence relation extraction in long-form multi-party conversations aim to improve relation extraction without considering the explainability of such methods. This work addresses that gap by focusing on extracting explanations that indicate that a relation exists while using only partially labeled data. We propose our model-agnostic framework, D-REX, a policy-guided semi-supervised algorithm that explains and ranks relations. We frame relation extraction as a re-ranking task and include relation- and entity-specific explanations as an intermediate step of the inference process. We find that about 90% of the time, human annotators prefer D-REXs explanations over a strong BERT-based joint relation extraction and explanation model. Finally, our evaluations on a dialogue relation extraction dataset show that our method is simple yet effective and achieves a state-of-the-art F1 score on relation extraction, improving upon existing methods by 13.5%.