Waveguide devices of polarization processing are key elements of modern dual-polarized antenna systems. Such antenna systems carry out polarization transformation and separation of signals with orthogonal polarizations in satellite communications and radar appliances. Well-known electrodynamic methods are used to simulate performance of such devices. This paper investigates the accuracy and mutual matching of wave matrix method with FDTD and FEM. The wave matrix method is based on the theory of scattering and transmission matrices. The main electromagnetic characteristics of a polarizer were obtained through the elements of these matrices. The main characteristics of a polarizer were compared. They include phase difference of orthogonal polarizations, level of voltage standing wave, ellipticity coefficient and level of cross-polarization isolation. Comparison of electromagnetic characteristics was carried out at the example of a waveguide iris polarizer for the operating frequency range from 13.0 to 14.4 GHz. In addition, the process of optimization of electromagnetic characteristics was carried out by changing the geometric dimensions of a polarizer. Calculated by different theoretical methods characteristics were compared and analyzed. Results, which were obtained by considered methods, are in good agreement