In this study, the feasibility of vibration-based damage assessment in a wind turbine tower (WTT) with gravity-based foundation (GBF) under various waves is numerically investigated. Firstly, a finite element model is constructed for the GBF WTT which consists of a tower, caisson, and foundation bed. Eigenvalue analysis is performed to identify a few vibration modes of interest, which represent complex behaviors of a flexible tower, rigid caisson, and deformable foundation. Secondly, wave-induced dynamic pressures are analyzed for a few selected wave conditions and damage scenarios are also designed to simulate the main components of the target GBF WTT. Thirdly, forced vibration responses of the GBF WTT are analyzed for the wave-induced excitation. Then modal parameters (i.e., natural frequencies and mode shapes) are extracted by using a combined use of time-domain and frequency-domain modal identification methods. Finally, the variation of modal parameters is estimated by measuring relative changes in natural frequencies and mode shapes in order to quantify the damage-induced effects. Also, the wave-induced variation of modal parameters is estimated to relatively assess the effect of various wave actions on the damage-induced variation of modal parameters.