The purpose of this study is to analyze the amount of available wave power and its characteristics related to the development of apractical system for ocean wave energy conversion in Korean coastal waters. The analysis method of wave power was established through comparison between theory and numerical simulation of deep sea wave by Inverse Fourier Transform with random phase method. Based on the results of comparison, wave power was estimated by use of data set from observed offshore and coastal waves and hindasted deep sea waves around the Korean peninsula. Annual mean wave power is estimated as about 1.8 ~ 7.0 kW for every metre of wave frontage at East sea, 1.5~5.3 kW at South sea and 1.0 ~ 4.1 kW at West sea, respectively. Mean wave power along deep sea front of coastal waters of Korea amounts to about 4.7 GW. Regional distribution and seasonal variation of wave power were discussed to develop practical utilization system of wave power of not so high grade of available wave power.