AbstractOcean waves have the potential to contribute to future renewable electricity production. A wave energy converter (WEC) is a technology developed to absorb the energy of the wave and convert it to another form of energy. The Uppsala University WEC (UU WEC) is a point absorber with a direct drive permanent magnet synchronous linear generator power take off. Among other parameters affecting the value of absorbed power for UU WEC are the buoy size, mass of the system consisting of the buoy and translator, and available wave energy at the site of interest. This study reviews the earlier static model that considered only static forces as the buoyancy and gravity forces and neglected all dynamic forces. The static model was proposed to simplify the early‐stage design decision. Although the static model was applied to two UU WECs of different dimensions, the present study shows that the static model is not held for certain buoy and translator dimensions. As an alternative, the dynamic model which accounts for the impact of hydrodynamic forces and various translator masses is proposed. The dynamic model is based on Cummins' equation and the linear potential flow theory, and the damping force is approximated as a viscous damper with the constant damping coefficient optimizing the absorbed mechanical power under a particular sea condition. The dynamic model is applied to four fixed buoy geometries of two shapes (cylinder and cylinder with a moonpool), each of two different dimensions, but the method can be extended to other buoy shapes and dimensions. In addition, the impact of translator mass was assessed for two sites located on the west coast of Sweden and near Gran Canaria, Spain. A translator of 10–11 t promotes 16.8% higher annual average power absorption for a cylindrical buoy compared to a translator of 6 t for the same buoy. However, heavier translators up to 15 t provide only 1.1% increase in average annual absorbed power.