We use neutron scattering to study the spin excitations associated with the stripe antiferromagnetic order in semiconducting K(0.85)Fe(1.54)Se(2) (T(N) = 280 K). We show that the spin-wave spectra can be accurately described by an effective Heisenberg Hamiltonian with highly anisotropic inplane couplings at T = 5 K. At high temperature (T = 300 K) above T(N), short-range magnetic correlation with anisotropic correlation lengths are observed. Our results suggest that, despite the dramatic difference in the Fermi surface topology, the inplane anisotropic magnetic couplings are a fundamental property of the iron-based compounds; this implies that their antiferromagnetism may originate from local strong correlation effects rather than weak coupling Fermi surface nesting.