Danny Neville guided Limerick to the McGrath Cup final with five second-half points at a breezy Lemybrien yesterday.
The sides were deadlocked at the break, before the Ballysteen attacker moved to full-forward and posted three consecutive scores during the third quarter.
The Shannonsiders never looked back and maintained their unbeaten start under new boss Billy Lee.
After shooting eight first-half wides, he was encouraged by his side's response.
"We were a lot happier with the second-half performance. We had opportunities in the first-half and we didn't execute them. It's about building confidence in these lads because they're a very young team," said Lee.
In a below-par contest, Limerick wasted 11 first-half scoring opportunities with the elements behind them.
Conor Murray curled over a beauty for the hosts, with Patrick Hurney and captain Paul Whyte (free) also raising white flags. Sean McSweeney levelled matters from an injury-time placed ball to leave it 0-3 apiece.
Joey Veale nudged Waterford in front again 18 seconds after the restart. Neville shot three points on the trot, however, including a delicious free with the outside of his right boot, to hand Limerick the initiative.
Whyte and Patrick Hurney twice closed the gap to the minimum, but a punched effort by substitute Killian Ryan and Neville's fifth point settled the issue in favour of Lee's side.
Scorers - Limerick: D Neville 0-5 (1f), C Sheehan, B Donovan, K Ryan, S McSweeney (f) 0-1 each. Waterford: P Whyte (2fs), P Hurney 0-2 each, C Murray, J Veale, J McGrath 0-1 each.
Limerick - D O'Sullivan; P White, J McCarthy, G Noonan; P Quinn, C Fahy, P Hannon; B Fanning, D Treacy; C Sheehan, S O'Carroll, D Neville; J Naughton, S McSweeney, B Donovan.
Subs: P Nash for Sheehan (29); J Lee for McSweeney (45); D Ward for Hannon (56); S O'Dea for O'Carroll (56); K Ryan for Naughton (56); B Creamer for Quinn (69).
Waterford - S Enright; J McGrath, T O'Gorman, S Dalton; R O Ceallaigh, S Prendergast, F Galvin; T Prendergast, M Curry; F Ó Cuirrín, M O'Halloran, P Hurney; C Murray, P Whyte, J Veale.
Subs: D Breathnach for O'Halloran (34), G Crotty for Murray (48), D Guiry for Veale (57), C Maguire for G Crotty (67 BC).
REF - J Bermingham (Cork).