The various steps involved in the estimation of an extreme design wave are reviewed. These include the following: methods of data collection, the use of a plotting formula, the selection of a suitable distribution and its parameters, the plotting of confidence bands about the best-fit line, and the selection of a design wave corresponding to a prescribed return period or encounter probability. The probability distributions commonly used, including the log-normal and Extremal Types I, II, and III distributions (Gumbel, Fretchet, and Weibull respectively), are described, and their properties are summarized in tabular form for ready reference.
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Isaacson et al. (1981) studied this question.