A Wavestar-type Wave Energy Converter (WEC) on an elastic foundation structure was investigated using an author-developed coupled dynamic analysis computer program. The program included an elastic foundation structure composed of beam elements, a multi-body dynamics model of the entire system, a hydrodynamics model of the dual-buoy, and fully coupled dynamics considering the interaction between the structure and WECs. The selected WEC models a heaving-point-absorber (HPA), one of the oscillating body systems which causes rotational motions of a connecting rod attached to the foundation structure. A rotational-damper-type hydraulic power take-off (PTO) system on the foundation structure produced electricity. The bottom-fixed foundation structure was modeled by three-dimensional beam elements, and the entire system, including HPA, was analyzed by multi-body dynamics. Random wave data at Buan, a nearshore region of Korea, collected by the Korea Meteorological Administration (KMA), was used as a demonstration study using the developed computer programs. Through the case study, the displacement and stress of the foundation structure were increased significantly by the dynamic coupling effects with the WECs, which underscores that the coupled dynamic analysis is essential for a reliable performance evaluation and the design of such a system.