A round-ended wide straight slot cut in the broad wall of a rectangular waveguide is analyzed by the Method of Moments (MoM) using numerical eigenmode basis functions derived by the edge-based finite element method (FEM), referred to as MoM/FEM. The frequency characteristics of the calculated transmission coefficients are compared with the measured ones, and good agreement is observed for a wide variety of antenna parameters. For simpler analysis that does not use MoM/FEM, an equivalent rectangular slot approximation for a round-ended slot is discussed. The resonant frequencies of empirically introduced "equal-area" and "equal-perimeter" slots are compared with those of round-ended slots for a wide variety of parameters such as slot width, wall thickness and dielectric constant inside the waveguide. Based upon MoM/FEM, which can be a reliable reference, it is found that the equal-area slot always gives a better approximation of the order of 1% over that of the equal-perimeter one which is of the order of 5%. For higher accuracy, a new rectangular slot approximation of a round-ended slot is proposed to be a linear combination of equal-area and equal perimeter approximation. The error is around 0.25% for a wide variety of parameters such as slot width-to-length ratio, wall thickness and dielectric constant of the filling material inside the waveguide.