The present research deals with the reliability analysis of offshore jacket structure taking into consideration the randomness in some structural parameters and the correlations between the induced loading especially the correlation variation between nodal wave forces. Wave forces, wind loads, deck loads and steel yield stress are assumed to be normally distributed random variables. An analytical form is used for the spatial correlation between the nodal wave forces. The Monte-Carlo simulation method is used to generate a set of statistically correlated random variables. A computer program based on the proposed method has been prepared for the reliability analysis of a space truss subjected to correlated loads. A parametric study is carried out to investigate the effect of variation of the spatial correlation between the nodal wave forces on the reliability measures of the entire structure. The correlation is varied while adjusting the coefficient of variation of the nodal wave forces in order to keep the coefficient of variation of the base shear to be constant. The statistical properties of the members internal forces and their reliability measures are studied for different correlations between equicorrelated nodal wave forces.