There is a lack of scientific knowledge about the physical sea characteristics of the eastern part of the Mediterranean Sea. The current work offers a comprehensive view of wave fields in southern Israel waters covering a period between January 2017 and June 2018. The analyzed data were collected by a meteorological buoy providing wind and waves parameters. As expected for this area, the strongest storm events occurred throughout October–April. In this paper, we analyze the buoy data following two main objectives—identifying the most appropriate statistical distribution model and examining wave data in search of rogue wave presence. The objectives were accomplished by comparing a number of models suitable for deep seawater waves. The Tayfun—Fedele 3rd order model showed the best agreement with the tail of the empirical wave heights distribution. Examination of different statistical thresholds for the identification of rogue waves resulted in the detection of 99 unique waves, all of relatively low height, except for one wave that reached 12.2 m in height which was detected during a powerful January 2018 storm. Characteristics of the detected rogue waves were examined, revealing the majority of them presenting crest to trough symmetry. This finding calls for a reevaluation of the crest amplitude being equal to or above 1.25 the significant wave height threshold which assumes rogue waves carry most of their energy in the crest.