Stanaway's appointment alongside Waters was confirmed following the reveal of the #6 Prodrive run Monster Energy Ford ahead of this weekend's Clipsal 500 season opener.
The 25-year-old impressed on his Supercars debut last year when he joined Chris Pither in the Super Black Racing Prodrive Falcon.
Since graduating from Australian Formula Ford in 2009, Stanaway has put together a highly impressive resume in both open-wheel and GT cars.
A champion in German Formula Masters and Formula 3, the Kiwi also proved a race winner in GP3, Formula Renault and GP2.
Last season he dovetailed his Pirtek Enduro Cup commitments with a factory GT drive for Aston Martin in the FIA World Endurance Championship.
“It's great to be back in for the Supercars endurance season this year; especially with a brand that's as powerful as Monster Energy,” said Stanaway.
“Cam finished a strong P4 at Bathurst last year and drove a great race, so the plan is to go better this year and stand on the podium at The Mountain.
“Supercars are an amazing piece of machinery and I can't wait to get back behind the wheel with one of the up and coming stars of the sport.”
Waters endured a challenging debut full-time campaign in the main game last season that saw the 22-year-old finish 19th in the standings, recording five top 10 finishes.
The former Dunlop Super2 Series winner believes the acquisition of Stanaway will prove beneficial this season as he bids to climb the ranks.
“I'm confident in Richie's and my ability to perform,” said Waters.
“He is a remarkable driver and has achieved so much already on the international racing scene despite only being in his mid 20s.
“Richie drove great last year as a co-driver and already has the experience of the Prodrive Racing built Supercar under his belt (co-driving for Chris Pither in 2016), which is a massive bonus for our chances.
“In 2016 the #6 Monster Energy Ford was able to achieve some really good results too, so I'm excited to see what we can do together this year.”
Waters will begin his second Supercars campaign on Friday with two 40 minute practice sessions at the Adelaide Parklands Circuit.