Recent studies showed that wave intensity analysis (WIA) provides clinically valuable information about local and global cardiovascular function. Wave intensity (WI) is computed as the product of the pressure change and the velocity change during short time intervals. The major limitation of WIA in clinical practice is the need for invasive pressure measurement. Since vessel wall displacement can be measured non-invasively, the usage of WI will be expanded if the vessel wall dilation is used instead of pressure in derivation of WI waveform. Our goal in this study is to investigate the agreement between wall displacement-based WI and the pressure-based WI for different vessel wall models including linear elastic, nonlinear and viscoelastic cases. The arbitrary Eulerian Lagrangian finite element method is employed to solve the coupled fluid-structure interaction (FSI). Our computational models also include two types of vascular disease-related cases with geometrical irregularities, aneurysm and stenosis. Our results show that for vessels with linear elastic wall, the displacement-based WI is almost identical to the pressure-based WI. The existence of vessel irregularities does not impact the accuracy of displacement-based WI. However, in a viscoelastic wall where there is a phase difference between pressure and vessel wall dilation, displacement-based WI deviated from pressure-based WI. The error associated with this phase difference increased nonlinearly with increasing viscosity. This results in a maximum error of 6.8% and 7.13% for a regular viscoelastic vessel wall and an irregular viscoelastic vessel wall, respectively. A separate analysis has also been performed on the agreement of backward and forward running waves extracted from a decomposition of the displacement-based and pressure-based WI. Our findings suggest that displacement-based WI is a reliable method of WIA for large central arteries that do not show viscoelastic behaviors. This can be clinically significant since the required information can be measured non-invasively.