What exactly are you attempting to do?
Using the depth texture, you should be able to get the current pixels distance from the camera, and you can even get the real world space position from that.
It all depends on what you need exactly.
You might want to try to get a static value of water depth by first getting the depth value, then remaking that into a world space position and then altering the Y value to the water level of your game.
Say that the water level is at 0 Y, then if your current pixels depth shows a position of 100, -10, 100, it means that it is 10 units/meters under the water.
Then you can use that value to alter the alpha or whatever you want to do.
But keep in mind that using screen space with water will never be perfect. I had trouble with this in my game where my water has foam when it is close to surfaces, but if there is a hard edge the depth buffer just cuts the foam off completely at that edge, making it look pretty ugly.
Screen space with water is therefore not perfect at all.
Some games use another camera that is looking straight down at a certain height, which can create perfect foam and perfect water alpha near edges, but that of course requires an entire new z-prepass on top of your normal render and your other normal z-prepass, which is not that great when it comes to performance. But if you only render the terrain in that z-prepass, it should be fine I guess, but I have not done it for my game as water is not a big part of my game, but it would get static depth values since the camera is always at the same height from the water/terrain.
But it would only work where that camera actually rendered, so far away water would not work with it as it would be at/outside the border of the z-prepass texture.
Here is my hlsl code to get a world space position from a depth value, in case you might need it: viewtopic.php?p=544242#p544242