In this world of ever-increasing demand for electrical power generation, the urge for a promising, sustainable and yet environment-friendly energy source has led us to pay more attention to utilizing the immense potential of ocean wave energy. Numerous researches till now shows that the efficiency of wave energy extraction depends highly on the shape and design of the device and also its interaction with the energy resource. This paper proposes a particular design of a floating buoy point absorber wave energy converter considering its feasibility in the geographical condition of the coastal region in Bangladesh. After discussing the design algorithm and its functionality, a procedure has been given to evaluate the wave energy converter energy production quantitatively with the help of WEC-Sim library on MATLAB software. As the ocean waves are irregular and the wave height and period varies significantly from wave to wave, the generated power is highly variable which imposes a big challenge in harnessing ocean wave energy for electricity generation. In this study, a method has been proposed to generate steady sinusoidal voltage from the variable electrical power produced from irregular ocean waves. Next, the available data on wave characteristics of several coastal regions have been examined and checked against the proposed design. Finally, analyzing the simulation results and considering the possibilities and limitations of energy production, some recommendations have been given on where such devices can be installed.