Currently, GNSS reflectometry based on the signal-to-noise ratio (SNR) has become an established tool in ocean remote sensing. Here, the distance between an antenna and the water surface is measured by analyzing the oscillation of the SNR observation. Due to the antenna gain pattern, this oscillation is more pronounced for satellite signals coming from low elevation angles. Additionally, the sea surface roughness is related to the attenuation of the SNR oscillation. Hence, the significant wave height (SWH) can be estimated by analyzing the SNR signal. In this work, a method is presented with which the SWH can be calculated from the attenuation’s damping coefficient of the SNR observations measured with surface-based receivers. The method’s usability is demonstrated using data from a static antenna operated in the German Bight and with data from a ship-based antenna. The estimated SWH values were validated against numerical wave model data. For both experiments, a high correlation was found.