SummaryThere are many aspects concerning a new generation of communication systems that most existing channel models cannot address. For instance, the positioning of the transmitter and receiver is such that a large number of specular components are observed in the receiver due to the use of small cells. The two‐wave with diffuse power (TWDP) distribution is a model for the fading channel when two specular waves with many scattering components are present. The primary issue with this distribution is that its principal statistics are approximated. In this paper, precise analytical expressions for the statistics of this distribution are proposed. The proposed expressions only contain one multivariate Fox's ‐function term instead of the earlier approximations that included several complex mathematical functions like Legendre and Laguerre. The second issue with TWDP is that this model includes no more than two specular components, which in many environments is insufficient. Therefore, its generalization, that is, N‐wave with diffuse power (NWDP), is required. This channel‐fading model contains N specular components and multiple scattering components. This paper also calculates exact expressions for this distribution's statistics. In addition, the bit error rate (BER) for coherent and noncoherent modulations is calculated with the NWDP distribution for fading channel.