Wave energy converters are frequently subjected to cyclic fatigue loads, making them prone to structural failure. This study presents a comprehensive design for reliability analysis of buoy structures used in ocean energy converters. A finite element model (FEM) was developed using ABAQUS to evaluate the effects of different materials—linear low-density polyethylene (LLDPE) versus high-density polyethylene (HDPE)—as well as variations in rib spacing and structural thickness under uniform pressure conditions. The analysis considered configurations with 3, 5, and 7 ribs, and wall thicknesses of 0.5, 0.7, and 1 inch. Results indicated that increasing the number of ribs and wall thickness significantly reduces deflection and von Mises stress, enhancing structural stability. HDPE demonstrated superior strength and lower deflection compared to LLDPE, although with reduced ductility. This study provides critical insights into optimizing buoy design parameters to improve the structural performance and durability of wave energy converter buoys, ensuring their reliability and longevity in harsh marine environments.