In this paper, a new numerical calculation method is presented; it was developed for the analysis of the hydrodynamic characteristics of a floating, oscillating water column (OWC) type wave power device. The method is examined by comparing results calculated with the method with results of water tank experiments. The examination was concerned with the determination of hydrodynamic coefficients, characteristics of air pressure and water level in an air chamber, and characteristics of hull motion and wave energy absorption. The calculated results agreed with the results of water tank tests; the method presented adequately estimated the hydrodynamic characteristics of the floating OWC type wave power device, including the wave energy absorption effects. An estimation method is presented for the output power of a turbine-generator system. The method was developed for the design of the “Mighty Whale” turbine-generator system. Moreover, the method was assessed by comparing predictions with open sea test results. The mean value of the output power was estimated reasonably well. In conclusion, the estimation methods presented are useful for the design of floating OWC wave power devices. Such tools are useful for the designer interested in developing optimal wave power devices.