Gaussian wave models have been successfully used since the early 1950s to describe the development of random sea waves, particularly as input to dynamic simulation of the safety of ships and offshore structures. A drawback of the Gaussian model is that it produces stochastically symmetric waves, which is an unrealistic feature and can lead to unconservative safety estimates. The Gaussian model describes the height of the sea surface at each point as a function of time and space. The Lagrange wave model describes the horizontal and vertical movements of individual water particles as functions of time and original location. This model is physically based, and a stochastic version has recently been advocated as a realistic model for asymmetric water waves. Since the stochastic Lagrange model treats both the vertical and the horizontal movements as Gaussian processes, it can be analysed using methods from the Gaussian theory. In this paper we present an analysis of the stochastic properties of the first-order stochastic Lagrange waves model, both as functions of time and as functions of space. A Slepian model for the description of the random shape of individual waves is also presented and analysed.