In this study, systems engineering techniques are applied to wave energy to identify and specify stakeholders’ requirements for a commercially successful wave energy farm. The focus is on the continental scale utility market. Lifecycle stages and stakeholders are identified. Stakeholders’ needs across the whole lifecycle of the wave energy farm are analyzed. A list of 33 stakeholder requirements are identified and specified. This list of requirements should serve as components of a technology performance level metric that could be used by investors and funding agencies to make informed decisions when allocating resources. It is hoped that the technology performance level metric will accelerate wave energy conversion technology convergence.