This work aims to study the dynamics of an innovative wave energy converter based on gyroscopic effects that can respond to floater motion in two directions, thus enabling the rotation of the gimbal to be utilized for electrical power generation. The device is modeled first in the Simscape Multibody environment, and then an analytical model is developed via the Lagrangian approach, which is later validated against the numerical one. Using the model, the gyroscope dynamics subjected to a harmonic floater excitation are studied under different input amplitudes and frequencies through a frequency sweep approach. Such an analysis reveals different types of complex behavior exhibited by the nonlinear system, like chaotic responses and coexisting solutions, which can affect performance.