The Tickford Racing driver spent 20 laps of the Winton circuit a the wheel of a Hyper Racer X1.
The car, designed and built by Jon and Dean Crooke, is powered by a 195-horsepower Suzuki GSX1340R motor.
Despite not having driven an open-wheeler since 2012, Waters, the 2011 Australian Formula Ford champion, was able to lap Winton in 1m16.7s.
That was seven-tenths faster than the pole time for the Formula Race Series round at Winton on the weekend, set by Chris Jewell in an X1, and more than a second clear of Waters' own pole winning efforts in a Supercar at Winton earlier this year.
“The X1 is nimble, fast and mega responsive and generates incredible grip," said Waters after the test.
"Despite not having driven an open-wheel car since I raced a Mygale Formula 3 at Hidden Valley in 2012, I quickly felt comfortable and pushed as hard as I could.
"The Turn 5 sweeper really saw the car come into its own and being flat in fifth gear through that section of the track with the car all loaded up was a heap of fun.
“I would love to have another steer of it at some stage and I think it would be an awesome piece of kit at Phillip Island and Tailem Bend.
"I really have to thank Jon and Dean Crooke for giving me the chance to have a steer. The build quality and design thinking that has gone into the car is top rate, and I’m not surprised to hear they are selling plenty.”
Fourteen X1s have been built so far, seven of which were in action in the Formula Race class at the Victorian Motor Racing Championship event at Winton.
Waters, meanwhile, will round out the Supercars season at the Adelaide 500 early next month.
He'll head to the South Australian capital well-placed to wrap up second in the drivers' standings, his margin over Chaz Mostert currently 175 points.
