High frequency surface wave radar (HFSWR) is becoming accepted as an important remote sensing device for sea state monitoring, and the frequency-modulated continuous wave (FMCW) has been widely used as the radar transmitted waveform. However, the performance of HFSWR may be significantly impacted by unwanted echoes, of which ionospheric clutter is one of the main sources. During transmission, a portion of the radar radiation may travel upwards to the ionosphere from the transmitting antenna. This may be partially reflected back to the receiving antennas directly or via the ocean surface, the latter being refered to as ionosphere-ocean propagation. The purpose of this paper is to investigate the physical mechanism of how the ionosphere clutter might be analytically characterized within the radar backscatter spectrum. The first-order HF radar clutter power and its radar cross section of ionosphere-ocean propagation for an FMCW source will be derived theoretically, and then simulated and compared for a variety of ionosphere velocities and wavelengths.