Herein, a point absorption wave energy converter (WEC) model combined with a contact–separation mode triboelectric nanogenerator (PAW TENG) is proposed. The model considers the interaction between the hydrodynamic forces captured by a point absorption conversion device of wave energy and the electrostatic force of the TENG. According to the established harmonic oscillation model of the buoy, the buoy's hydrodynamic properties and power generation characteristics are studied using finite element simulation and numerical simulation calculations. The best matching resistor circuit for PAW TENG in regular waves is investigated and analyzed. The electrical characteristics of the PAW TENG in the irregular wave spectrum are also solved. This work will provide design ideas for the experimental design of a novel point absorption WEC.