Theoretical investigations are carried out to study surface wave propagation for a graphene parallel-plate waveguide structure filled with isotropic plasma. The extended wave propagation theory is used. The Kobo formula is used to determine graphene conductivity. Maxwell’s equations (differential form) are used to solve the analytical problem. It is concluded that surface wave propagation can be tuned and controlled by tuning the plasma parameters (plasma frequency and collisional frequency) as well as chemical potential and relaxation time of graphene. Furthermore, the effect of plasma frequency and collisional frequency on the wave attenuation is discussed, and the effect of graphene’s chemical potential, plasma frequency, and collisional frequency on propagation length are also analyzed. The normalized field distribution of plasma medium is also studied. These results may lead to potential applications in optical sensing, communication, and plasma-based optical integrated devices in the gigahertz frequency regime.