This document describes the hydrodynamic analysis of the IPS Buoy wave energy converter including the effect of non-uniform acceleration tube cross-section. The IPS Buoy system uses the relative motion between a submerged vertical acceleration tube and a piston inside the tube to generate power as they oscillate in heave motion due to incoming waves. The analysis involves developing mathematical models of the system and its components under assumptions like one-dimensional flow inside the tube. Numerical results are presented for the power absorbed and other parameters in regular and irregular wave conditions.