The circular Halbach array is of great application value in electromagnetic energy conversion. The Halbach array can be formed with multiple magnets according to a specific method. The magnetic flux intensity of the magnet array is concentrated and enhanced in a certain area. The concentrated magnetic flux intensity could lead to a higher rate of change in the magnetic flux when the magnet and the coil move relatively. The spatial arrangement, structural dimensions, and residual flux density of the Halbach array are the main factors affecting its performance. Some areas with almost no magnetic induction in the Halbach array affect the performance of electromagnetic energy conversion. This paper conducted a comparative study of the Halbach array and the two-directional magnet array in terms of energy conversion. The root mean square (RMS) value and phase of the induced voltage in the coil were analyzed by a finite element method. Simulation shows that the RMS value of the induced voltage in the coil is equal when the gap is 1.55 mm and the REMEH adopts either of the two magnet arrays. The two-directional array has advantages in the energy harvesting performance when the gap is less than 1.55 mm, while the Halbach array has advantages in the energy harvesting performance when the gap is greater than 1.55 mm. The experimental verification of the designed prototype was implemented in this study. The experimental voltage is in good agreement with the simulation voltage. The threshold value of the gap in the experiment is about 2 mm, which is slightly higher than the simulation value. This characteristic has a certain reference value for the application of the Halbach array in the electromagnetic field.