The electroconvection of liquid crystals is a typical example of a dissipative structure generated by complicated interactions between three factors: convective flow, structural deformation, and the migration of charge carriers. In this study, we found that the periodic structural deformation of a cholesteric liquid crystal propagates in space, like a wave, under an alternating-current electric field. The existence of convection and charge carriers was confirmed by flow-field measurements and dielectric relaxation spectroscopy. Given that the wave phenomenon results from electroconvection, we suggest a possible model for describing the mechanism of wave generation. The validity of the model was examined using the Onsager variational principle. Consequently, it was suggested that wave generation can be described by four effects: the electrostatic potential, mixing entropy, anisotropic friction due to charge migration, and viscous dissipation of the liquid crystal.