Free-floating and submerged wave energy converters (SWECs) are regarded as promising technologies for renewable energy production. These converters rely on a heave-motion buoy to capture the kinetic energy of ocean waves and convert it into electrical energy through power conversion systems. To better understand the impact of various factors on power generation and efficiency, the effects of different buoy shapes (rectangular, circular cylinder, and trapezoidal fin), submergence depths (0, 0.1, and 0.2 m), wave heights (0.04, 0.06, and 0.1 m), and spring stiffness (50 and 100 N/m) were investigated. A 2D numerical wave tank with a buoy was simulated, and the results were validated against experimental data. Information on vorticity, vertical displacement, power absorption, and efficiency are provided. The findings indicate that the buoy shape and wave height significantly affect power absorption and efficiency. Additionally, this study reveals that increasing submergence leads to higher power absorption and lower conversion efficiency.