One of the biggest challenges in converting wave energy is to enable the use of low frequency waves, since the highest waves in typical sea states have low frequencies, as can be seen from the corresponding wave spectra, such as the Pierson–Moskowitz or JONSWAP spectra. In this paper, we show that this challenge is indeed achievable for the operation of small autonomous drifting sensor platforms. We present the design and optimization of a compact wave energy converter that freely floats in random sea waves. An optimization of the dynamical behavior as well as the electromagnetic power take-off is conducted based on simulations and experiments. The platform has compact dimensions of 50 cm draft and 50 cm diameter, which leads to special requirements for size and appearance. To meet these requirements, a two-body self-reacting point absorber is designed and a flux switching permanent magnet linear machine is developed for the power take-off. The developed system is validated by experiments in a wave flume and the linear generator is analyzed on a test bench. A coupled model is used to simulate and optimize the corresponding mechanical system, which leads to an increased output power from below 10 mW for the simulated initial setup to a power output of more than 100 mW in the simulation. Simulations and experiments are performed for regular and random waves in order to provide realistic approximations of the total output power.