The motion responses, mooring tensions, and submergence depth are the dominant factors for the arrangement of the Submerged Floating Tunnel (SFT) subjected to waves. Generally, the maximum values of motion responses, mooring tensions, and absolute submergence depth are mainly focused on. In the present study, experiments are implemented to measure the motion responses and mooring tensions of the SFT with different mooring patterns and submergence depths under waves with different characteristic wave heights and periods. In order to evaluate the arrangement of the SFT more effectively and comprehensively, besides the maximum values, several new characteristic parameters are introduced. Such parameters account for the motion responses in the frequency domain, the uniformity of the tension distribution, the length of time during which the cable reaches a relaxed condition during wave action, the KC number, the dimensionless period, the wave height, and the submergence depth. The results from the optimization analysis show the following: according to the characteristic values of motion responses and mooring tensions, the pattern of diagonal cables is better than that of diagonal cables + vertical cables; and within the range of the present experiments, there are optimal dimensionless parameters—the dimensionless submergence depth d0/LP ≥ 0.15, the KC number ≤ 0.8, or the dimensionless wave height Hs/d0 ≤ 0.10—for the condition of which the dynamic responses and mooring tensions vary slightly.