Accurate and reliable wave forecasting is crucial for optimizing the performance of various marine operations, such as offshore energy production, shipping, and fishing. Meanwhile, predicting wave height and wave energy is crucial for achieving sustainability as a renewable energy source, as it enables the harnessing of the power of wave energy efficiently based on the water-energy nexus. Advanced wave forecasting models, such as machine learning models and the semi-analytical approach, have been developed to provide more accurate predictions of ocean waves. In this study, the Sverdrup Munk Bretschneider (SMB) semi-analytical approach, Emotional Artificial Neural Network (EANN) approach, and Wavelet Artificial Neural Network (WANN) approach will be used to estimate ocean wave parameters in the Gulf of Mexico and Aleutian Basin. The accuracy and reliability of these approaches will be evaluated, and the spatial and temporal variability of the wave field will be investigated. The available wave characteristics are used to generate hourly, 12-hourly, and daily datasets. The WANN and SMB model shows good performance in the daily prediction of the significant wave height in both case studies. In the SMB model, specifically on a daily time scale, the Nash–Sutcliffe Efficiency (NSE) and the peak deviation coefficient (DCpeak) were determined to be 0.62 and 0.54 for the Aleutian buoy and 0.64 and 0.55 for the Gulf of Mexico buoy, respectively, for significant wave height. In the context of the WANN model and in the testing phase at the daily time scale, the NSE and DCpeak indices exhibit values of 0.85 and 0.61 for the Aleutian buoy and 0.72 and 0.61 for the Gulf of Mexico buoy, respectively, while the EANN model is a strong tool in hourly wave height prediction (Aleutian buoy (NSEEANN = 0.60 and DCpeakEANN = 0.88), Gulf of Mexico buoy (NSEEANN = 0.80 and DCpeakEANN = 0.82)). In addition, the findings pertaining to the energy spectrum density demonstrate that the EANN model exhibits superior performance in comparison to the WANN and SMB models, particularly with regard to accurately estimating the peak of the spectrum (Aleutian buoy (DCpeakEANN= 0.41), Gulf of Mexico buoy (DCpeakEANN = 0.59)).