Waters is currently shaking down the #6 Tickford entry, the first of the four Mustangs that the team will field this season.
The car is sporting no sponsor logos at all except for the Ford badge on the front grill and Ford stickers on the rear quarters.
Waters is also wearing one of James Courtney's suits from last year rather than one of his own Monster Energy branded suits.
Waters has been backed by Monster Energy since he debuted as a Supercars full-timer back in 2016.
Motorsport.com understands he will continue in Monster colours this season with an extension of the deal in its final stages.
Tickford drivers Thomas Randle and Declan Fraser are also on hand for the shakedown and could drive the #6 at some point today.
Tickford is joined at Winton by Grove Racing which is also shaking down the first of its Mustangs.
Rookie Matt Payne was first the drive the car while David Reynolds and star enduro signing Garth Tander are also at the track.
Grove Racing unveiled its latest Penrite livery last weekend.
