Waters, 26, will replace champion Fremantle captain Matthew Pavlich in the role, after the Dockers big man relinquished the position after four years.
Waters, who has played 113 games for the Eagles including the 2006 premiership, is touted to be West Coast's next captain after incumbent Darren Glass.
The league's acting football operations manager Gillon McLachlan said Waters, a renowned tough man, was a welcome addition to the rules committee.
"The AFL greatly values the contributions of current players, and the wider AFLPA, to the important discussions around the Laws of the Game, and is pleased that Beau will join the Laws panel,” McLachlan said.
Waters said he was looking forward to providing his perspective and the chance to be involved in the evolution of the game.
“Even over my career, the game’s changed so much,” Waters told westcoasteagles.com.au.
“Being a current player, hopefully I’ve got a relatively good understanding of where the game’s at and what things are feasible and what things may not be.
“The game has evolved very quickly, and with the aid of technology and some different resources, the level of accountability in the game is at its highest and I think in changing too many rules, we might risk ironing out too many of the creases, rather than allowing the game iron them out naturally.
“I am very excited about the proposition of working on a committee with such an elite group, but also working with some guys who can determine the future of how the game’s played while still keeping the essence of what AFL footy’s about.”
The Laws Committee going forward will comprise; Gill McLachlan (acting current Chairman), Kevin Bartlett, Joel Bowden, Leigh Matthews, Luke Power, Rowan Sawers, Michael Sexton, Beau Waters and Shane McCurry (secretary).