By investigating the interaction of an n-type silicon sample with the TM01 mode millimeter wave in a circular waveguide, a viable high-power TM01 millimeter wave sensor is proposed. Based on the hot electron effect, the silicon sample serving as a sensing element (SE) and appropriately mounted on the inner wall of the circular waveguide is devoted to the on-line measurement of a high-power millimeter wave pulse. A three-dimensional parallel finite-difference time-domain method is applied to simulate the wave propagation within the measuring structure. The transverse electric field distribution, the dependences of the frequency response of the voltage standing-wave ratio (VSWR) in the circular waveguide, and the average electric field amplitude within the SE on the electrophysical parameters of the SE are calculated and analyzed in the frequency range of 300–400 GHz. As a result, the optimal dimensions and specific resistance of the SE are obtained, which provide a VSWR of no more than 2.0, a relative sensitivity around 0.0046 kW−1 fluctuating within ± 17.3%, and a maximum enduring power of about 4.3 MW.