Empirically based modeling is an essential aspect of design for a wave energy converter. These models are used in structural, mechanical and control design processes, as well as for performance prediction. The design of experiments and methods used to produce models from collected data have a strong impact on the quality of the model. This study considers the system identification and model validation process based on data collected from a wave tank test of a model-scale wave energy converter. Experimental design and data processing techniques based on general system identification procedures are discussed and compared with the practices often followed for wave tank testing. The general system identification processes are shown to have a number of advantages. The experimental data is then used to produce multiple models for the dynamics of the device. These models are validated and their performance is compared against one and other. While most models of wave energy converters use a formulation with wave elevation as an input, this study shows that a model using a hull pressure sensor to incorporate the wave excitation phenomenon has better accuracy.