Of interest, in this study, is the quantification of uncertainty in the performance of a two-body wave point absorber (Reference Model 3 or RM3), which serves as a wave energy converter (WEC). We demonstrate how simulation tools may be used to establish short-term relationships between any performance parameter of the WEC device and wave height in individual sea states. We demonstrate this methodology for two sea states. Efficient structural reliability methods, validated using more expensive Monte Carlo sampling, allow the estimation of uncertainty in performance of the device. Such methods, when combined with metocean data quantifying the likelihood of different sea states, can be useful in long-term studies and in reliability-based design.