A system and a method for determining one or more wave characteristics from a moving platform are disclosed. A sonar system, such as an Acoustic Doppler Current Profiler, can profile the water motion relative to the platform, and an earth reference can determine a measure of the platform motion relative to a fixed earth reference. Both water profile and earth reference measurements can be synergistically employed to compensate for motion of the platform. Directional wave spectra and non-directional wave spectrum can be computed and translated via linear wave theory to surface height spectra and used to calculate characteristics, such as significant wave height, peak period, and peak direction.