We investigated the use of C-band RADARSAT Constellation Mission (RCM) synthetic aperture radar (SAR) for retrieval of ocean surface wind speeds by using four new channels (right circular transmit, vertical receive (RV); right circular transmit, horizontal receive (RH); right circular transmit, left circular transmit (RL); and right circular transmit, right circular receive (RR)) in compact polarimetry (CP) mode. Using 256 buoy measurements collocated with RADARSAT-2 fine beam quad-polarized scenes, RCM CP data was simulated using a “CP simulator”. Provided that the relative wind direction is known, our results demonstrate that wind speed can be retrieved from RV, RH and RL polarization channels using existing C-band model (CMOD) geophysical model function (GMF) and polarization ratio (PR) models. Simulated RR-polarized radar returns have a strong linear relationship with speed and are less sensitive to relative wind direction and incidence angle. Therefore, a model is proposed for the RR-polarized synthetic aperture radar (SAR) data. Our results show that the proposed model can provide an efficient methodology for wind speed retrieval.