Signal to noise ratios (SNRs) are universal metrics for the performance analysis of communication systems. In underwater acoustic orthogonal frequency division multiplexing (OFDM) systems, compared with the time domain input SNR (ISNR), the pilot SNR (PSNR) and effective SNR (ESNR) are demonstrated to be more effective in system performance indication, especially the ESNR. In this paper, for a typical underwater acoustic OFDM system with orthogonal matching pursuit (OMP) based sparse channel estimation, we derive formulas with a closed form for evaluating the ESNR, which avoids the requirement of successful data decoding in conventional ESNR calculation. The derivation is also extended to PSNR easily. We find out that the ESNR is mainly determined by five parameters: the number of deterministic pilots, the number of dominant paths, the inter-carrier interference (ICI), the total channel power and the ISNR; while the PSNR is only determined by the ICI, the total channel power and the ISNR. Simulations and experimental data decoding are carried out to validate the correctness of the theoretical analysis in this paper.INDEX TERMS Underwater acoustic communications, effective signal to noise ratio (ESNR), pilot signal to noise ratio (PSNR), orthogonal frequency division multiplexing (OFDM), orthogonal matching pursuit (OMP).