I use an OBJ fitted to the hull for the wake.  Two things take into account are speed and scale;  gentle speeds produce a wake waveform which is laminar, high speeds produce a chaotic wake (foam and spray).  Larger vessels will produce a more chaotic wake than smaller vessels.

     For a big girl like Victory, I'd use an OBJ to get the basic shape, and add a perimeter "fence" of alpha polys to get the spray.

     This is a laminar (smooth, contiguous flow) bow & stern wake for a slow, small boat...

     You could try scaling this wake (it's a separate prop, parented to the hull) to fit Victory.  You'll need to fiddle with the material nodes to get a foamier look.

5.33 Mb zip, in Poser runtime format     https://dc458.4shared.com/download/Gt5kIkMz/Unicorn_Skiff_2011.zip

EULA:  copyright seachnasaigh 2011.  This model is free for both personal and commercial rendering.  Do not redistribute.

P.S.  I'm working on a larger vessel for which I intend to include both a smooth wake prop and a chaotic wake prop.  It may be more suitable for you, but it isn't finished yet.* *

Poser 12, in feet.  

OSes:  Win7Prox64, Win7Ultx64

Silo Pro 2.5.6 64bit, Vue Infinite 2014.7, Genetica 4.0 Studio, UV Mapper Pro, UV Layout Pro, PhotoImpact X3, GIF Animator 5