Not my area of expertise. The magnitude tells us basically how much energy was in the earthquake then we know how much water that can move which can tell us how big the wave would be. Think of your hand under water in a bathtub the more force you put into moving your hand the more waves you make in the tub. Earthquakes happen more along fault lines and there are a few different types of fault lines and knowing that may make a difference as well.
In addition to comments below, there is a networks of buoys in the Pacific Ocean that measures wave height, wave velocity and sea level (and atmospheric details), and communicate this data back to the National Tsunami Warning Center via satellite. If you’re interested, search for DART buoys and NTWC.
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