In order to utilize wave energy, various wave power systems are being actively researched and developed and interest in them is increasing. To maximize the operational efficiency, it is very important to monitor and maintain the fault of components of the system. In recent years, interest in the management cost, high reliability and facility utilization of such systems has increased. In this regard, fault diagnosis technology including fault factor analysis and fault reproduction is drawing attention as an important main technology. Therefore, in this study, to reproduce and monitor the faults of a wave power system, firstly, the failure mode of the system was analyzed using FMEA analysis. Secondly, according to the derived failure mode and effect, the thrust bearing was selected as a target for fault reproduction and a test equipment bench was constructed. Finally, with the vibration data obtained by conducting the tests, the vibration spectrum was analyzed to extract the features of the data for each operating status; the data was classified by applying the three machine learning algorithms: naïve Bayes (NB), k-nearest neighbor (k-NN), and multi-layer perceptron (MLP). The criteria for determining the fault were derived. It is estimated that a more efficient fault diagnosis is possible by using the standard and fault monitoring method of this study.