Waters finished second on the road in Saturday night's first race in Sydney that was won by Brodie Kostecki, but was demoted to fifth thanks to a five-second time penalty.
The penalty was for an unsafe release after Broc Feeney was judged to have been required to slow in the fast lane to avoid contact with Waters.
A furious Waters then unloaded on Supercars in an expletive-laden radio rant that made the TV broadcast.
According to Tickford co-owner Sven Burchartz the rant was well-warranted, with the team firmly of the belief that the penalty was the wrong call.
"We found it hard to disagree with Cam's assessment," said Burchartz. "Some would call it ridiculous, some would call it errant nonsense.
"I wouldn't go that far. Perhaps I would say it's an interesting approach to penalties. Faintly ridiculous, I've heard that said. Again, I can't agree with that.
"The bottom line is, there was no way in our view that you could say objectively that that was an unsafe release. There was sufficient distance between the cars.
"Feeney, yes he had to put the brake on, but you sort of have to do that when you come in to pit.
"It is difficult enough to run a race team, and work hard, and do what we do up and down pit lane, to have penalties applied like that which are perplexing.
Source: Autosport