Combined with the compensation principles of semi-active heave compensation device, a multiplication process traveling block hook heave compensation system was designed,which was driven by double driven gear-two tooth face straight rack mechanism, and its working principles and compensation process were analyzed. Then coupled with the AMESim simulation software the compensation mathematical models of system components were establish such as heave compensation hydraulic cylinder, hook load, gas liquid accumulator and driven gear-straight rack. The simulation results show that: the whole compensation efficiency of new heave compensation system can reach 95.6% and the compensation effect is good, the system energy consumption curve shows a trend of rising because the compensation motor running. With the increases of radius of driven gear in the compensation system, the hook heave displacement decreases gradually and the compensation effect is improved, and have the smaller influences on the system's energy consumption. With the proportion coefficient increases, the curves of the hook heave displacement and system energy consumption show a trend of increases firstly and then tends to slow. With the increase of platform heave cycle, the compensation effect becomes good and system energy consumption reduces; with the increase of hook load, the system energy consumption increases linearly.