In this paper, we analysed and simulated the high speed mobile wireless channel for IEEE802.11p WAVE/DSRC standard draft. IEEE802.11p working group measured and suggested 6 channel model for WAVE/DSRC systems which is used for vehicle to vehicle or vehicle to infra communication. However, the models only provides numerical model, it did not provide Computer based software simulation model. So it can not be used directly for performance estimation of WAVE system. In this paper we suggested simulation technique of WAVE channel simulation which is developed S/W based WAVE channnel simulator. The simulation results for PSD, LCR, and AFD are also obtained, which can be used for performance estimation of IEEE802.11p based vehicular communication system.