The pair shared the news on social media today, celebrating the arrival of daughter Mila Kimberly Waters.
It is a timely arrival at that, with Waters set to kick off his racing season at the Bathurst 12 Hour this weekend.
Waters joins Cam Hill in celebrating the arrival of a baby during the off-season.
This article first appeared on Speedcafe.com, a sister site to MotorRacing.com.