In this paper, an Oscillating Water Column (OWC) device, installed in the breakwater at the harbor of Mutriku on the Basque coast in Spain has been modeled and simulated within Model-In-the-Loop (MIL) and Software-In-the-Loop (SIL) frameworks. The developed OWC model is formed by a Wells turbine and a Doubly Fed Induction Generator (DFIG) for wave energy converting. The established nonlinear model of the OWC device has been simulated in MAT-LAB/Simulink environment within a MIL framework. The SIL emulation of the OWC converter has been investigated using the NI VeriStand tool in order to prepare for its Hardware-In-the-Loop (HIL) implementation based on a NI CompactRIO real-time target. All simulation results, obtained with MATLAB/Simulink and NI VeriStand, are analyzed and compared in order to validate the developed OWC model.