Hydrologic frequency analysis plays an important role in coastal and ocean engineering for structural design and disaster prevention in coastal areas. This paper proposes a Nonlinear Least Squares Method (NLSM), which estimates the three unknown parameters of the Weibull distribution simultaneously by an iteration method. Statistical test shows that the NLSM fits each data sample well. The effects of different parameter-fitting methods, distribution models, and threshold values are also discussed in the statistical analysis of storm set-down elevation. The best-fitting probability distribution is given and the corresponding return values are estimated for engineering design.