Wave energy converters (WECs) have significant potential for renewable energy generation, but early-stage design processes often require lengthy simulations. This study focuses on the pre-design selection of the rated power for a heaving point-absorber WEC. Addressing the gap in simplified methodologies, this study evaluates the wave energy resource, selects operational sea-states, and assesses device performance using time-domain simulations and linear potential flow theory. The results revealed that a WEC rated at 87% below peak power can capture 91% of the total available energy, achieving a balance between energy efficiency and cost-effectiveness. Furthermore, a simplified method to estimate rated power based on a constant ratio between mean and RMS power is proposed, offering significant potential for early-stage design applications. Future work should validate this approach across diverse WEC types and wave climates.