This paper describes a wave modeling method using low-cost sensors. Wave modeling is applied to the wave monitoring system for accurate measurement of ocean wave parameters. The observation of ocean wave parameters is necessary to improve the accuracy of forecast of ocean wave condition. However, the ocean wave parameters measured by a low-cost wave monitoring system suffer from several errors. Therefore we introduce a wave modeling method to compensate the ocean wave parameters corrupted by errors. The proposed method is analyzed using experiments within controlled environment. It is verified that the accuracy of low-cost wave monitoring system can be increased by the proposed method.