Given the particular energy-maximising performance objective, wave energy converter (WEC) systems are prone to exhibit highly nonlinear behaviour. We present, in this paper, a detailed dynamic analysis and control synthesis for the Inertial Sea Wave Energy Converter (ISWEC) system, deriving and considering a comprehensive associated nonlinear model. In particular, we adopt a harmonic balance (HB) method to achieve this objective, producing the so-called amplitude-frequency curves (AFC) for the corresponding ISWEC nonlinear model, derived via a Lagrangian approach. We demonstrate that the system can present a variety of different behaviours which are completely neglected by its linear model counterpart. Leveraging both the efficiency, and convenient representation of the HB method, we synthesise so-called ‘passive’ (i.e. proportional) energy-maximising controllers using a variety of input conditions. We provide a comparison of the obtained control parameters with those arising from standard linear modelling, showing a consistent improvement in performance by effectively considering the relevant nonlinear ISWEC dynamics.