This study examines wave energy potential and generation capacity from extreme waves along South America's Pacific and Atlantic coasts. Utilizing the Regional Frequency Analysis (RFA) method and the WAVERYS wave reanalysis model, 27 homogeneous regions with distinct wave patterns were identified. There's a notable southward increase in median and average wave heights and energy. Unlike previous studies, this research emphasizes the significant role of extreme wave events, which contribute up to 33 % of the total energy—a critical factor often overlooked in regional energy assessments. In the Pacific, three main zones were delineated, with energy peaks reaching 120 kW/m south of 50°S, while the Atlantic identified two zones with energy values ranging from 10 kW/m to 30 kW/m. Zones between 10°S to 40°S in the Pacific and 30°S to 60°S in the Atlantic stand out as particularly promising for energy harvesting. A comprehensive statistical methodology enabled predictions of wave heights and energy for 50 and 100-year return periods, predominantly utilized generalized Pareto and Gumbel distributions. The study affirms the efficacy of the RFA in improving the understanding of wave dynamics and highlights the necessity of integrating extreme events in energy assessments. This research provides a foundation for advancing wave energy initiatives and coastal risk mitigation in South America.