The reliable monitoring of sea state parameters is a key factor for weather forecasting, as well as for ensuring the safety and navigation of ships. In the current analysis, two spectrum estimation techniques, based on the Welch and Thomson methods, were applied to a set of random wave signals generated from a theoretical wave spectrum obtained by combining wind sea and swell components with the same prevailing direction but different combinations of significant wave heights, peak periods, and peak enhancement factors. A wide benchmark study was performed to systematically apply and compare the two spectrum estimation methods. In this respect, different combinations of wind sea spectra, corresponding to four grades of the Douglas Scale, were combined with three swell spectra corresponding to different swell categories. The main aim of the benchmark study was to systematically investigate the effectiveness of the Welch and Thomson methods in terms of spectrum restitution and the assessment of sea state parameters. The spectrum estimation methods were applied to random wave signals with different durations, namely 600 s (short) and 3600 s (long), to investigate how the record length affected the assembled sea state parameters, which, in turn, were assessed by the nonlinear least square method. Finally, based on the main outcomes of the benchmark study, some suggestions are provided to select the most suitable spectrum reconstruction method and increase the effectiveness of the assembled sea state parameters.