The prompt estimation of power and geometrical aspects enables faster and more accurate financial assessment of wave energy converters to be deployed. This may lead to better commercialisation of wave energy technologies, as they require location-based customisation, unlike the mature wind energy technologies with developed benchmark. The adopted approach provides simple and efficient modelling tool allowing the study of the system from different perspective. The aim of this study is to select the optimum dynamic model to predict the captured power of a spar-buoy Oscillating Water Column (OWC) wave energy converter. Four dynamic models were developed to predict the system dynamics and results were validated experimentally. In-depth investigations on the effect of the mass and damping ratios of the oscillating bodies on the accuracy of the adopted models were performed. Such investigations included the proposed one-way coupling model and three two-degree of freedom models and three reduced-scale models, in addition to analytical and numerical solutions. Pneumatic power was calculated for the reduced-scale model where orifices’ covers simulated the power take-off mechanism damping experimentally. Analysis and comparisons between the adopted models are finally provided.