Real-time, continuous, and long-term marine monitoring data benefits ocean research. This study developed a low-cost, multi-parameter, miniature wave buoy. High spatial and temporal resolution of sea surface parameters, including wind, waves, and current, can be obtained at low cost through the deployment of numerous buoys, thus forming an observation array. Tested in the laboratory water tank, the relative error of water surface slope measurement of the buoy was approximately 5.6% when the slope angle was less than 15°. For frequencies between 0.1 and 1.0 Hz, the measurement of slope spectrum was almost identical to that of the wave gauge. The buoy underestimated the slope spectrum between 1.0−1.56 Hz. A good relationship (r2 = 0.75) was obtained between wind speed at 10 m above sea surface (U10) and the low-pass-filtered mean square slope (LPMSS). After incorporating the wave age into the U10 inversion process, the root mean square error (RMSE) and BIAS were reduced to 1.15 m/s and 0.02 m/s, respectively. The 2D distribution of buoy-measured slope components was used to detect the wind direction, with an RMSE of 23.7°. The spectral tail slope steepened with increasing wind speed at low wind speeds (<7 m/s). A technical flow chart of the miniature wave buoy is proposed to observe the sea surface parameters. This miniature buoy will play an essential complementary role in the growing demand for sea state monitoring, especially in nearshore oceans.