The 27-year-old defender, who will stay an Eagle until the end of the 2015 season, has been injury-prone in his 10 years with West Coast, and said the club’s belief in him played a big part in his decision to stay put.
"The club's shown great faith over a long period of time," Waters said.
"There was never any real question about being a one-club player. It was more about the club thinking I had two more years in me. It's terrific."
Waters said he was relieved to have the contract situation sorted out early in the season.
"It's good to be able to be involved for two more years, and signing a contract is like getting the Damocles sword taken down.
"It always helps with my footy, personally. I think everyone reacts to having a contract extension or not having a contract extension differently, and for me I prefer having it signed up."
Waters, originally from Adelaide, said he felt West Coast was his “family” these days.
"I would call myself a West Australian,” he said.
"My wife and I have set up our family here. They say home is where the heart is, and that's very much the case.”
Waters has missed the last two matches with an adductor strain, but thinks he is right to play against North Melbourne on Friday night.
"The plan is definitely to play. Trained yesterday … we've got the main session today. The body feels great.
"It was a little bit more of a conservative approach to this one."
West Coast also revealed today that another injury-prone veteran, Mark Nicoski, would return to football this week by playing for Subiaco in the WAFL.
Nicoski has not played for the Eagles since the 2012 NAB Cup, when he suffered a horrific hamstring injury in the final against Adelaide.
The 29-year-old is in line to play for either Subiaco's reserves or senior WAFL side this weekend.
"He obviously had an extremely serious injury that needed full-on surgery to reattach his hamstring," West Coast coach John Worsfold said.
"He's never once stopped doing the professional work that he's had to do to give himself a chance to come back.
"It's been pretty tough for him. His first step is to get back playing footy, so he's back to that, but that's not where it ends for him.
"Now he wants to play enough footy, and good enough footy, to be playing well enough in the WAFL to say ‘I'm available to play for you’."
Nicoski is likely to play 60 or 70 minutes this week, but there is no timeframe on when he is likely to come into contention for selection with the Eagles.
"We don't have a date set on that. We'll assess him on how he looks,” Worsfold said.