This two-part paper demonstrates the use of wave-optics simulations to model the effects of dynamic speckle. In Part I, we formulate closed-form expressions for the analytical irradiance correlation coefficient, specifically in the pupil plane of an optical system. These expressions are for square, circular, and Gaussian scattering spots and four different modes of extended-object motion, including in-plane and out-of-plane translation and rotation. Using a phase-screen approach, we then simulate the equivalent scattering from an optically rough extended object, where we assume that the surface heights are uniformly distributed and delta correlated from grid point to grid point. For comparison to the analytical irradiance correlation coefficient, we also calculate the numerical irradiance correlation coefficient from the dynamic speckle after propagation from the simulated object plane to the simulated pupil plane. Overall, the analytical and numerical results definitely demonstrate that, relative to theory, the dynamic speckle in the simulated pupil plane is properly correlated from one frame to the next. Such validated wave-optics simulations provide the framework needed to model more sophisticated setups and obtain accurate results for system-level studies.