It is known that in the selected mapping (SLM) scheme for orthogonal frequency division multiplexing (OFDM), correlation (CORR) metric outperforms the peak-to-average power ratio (PAPR) metric in terms of bit error rate (BER) performance. It is also well known that four times oversampling is used for estimating the PAPR performance of continuous OFDM signal. In this paper, the oversampling effect of OFDM signal is analyzed when CORR metric is used for the SLM scheme in the presence of nonlinear high power amplifier. An analysis based on the correlation coefficients of the oversampled OFDM signals shows that CORR metric of two times oversampling in the SLM scheme is good enough to achieve the same BER performance as four times and 16 times oversampling cases. Simulation results confirm that for the SLM scheme using CORR metric, the BER performance for two times oversampling case is almost the same as that for four and 16 times oversampling cases.