Bray's long-term search for silverware continues as the League Cup slipped away from them for another year.
There was a slow start from both sides at the Carlisle Grounds in their Quarter-Final match, but Waterford were quicker to get into action, and a superb free-kick from Scott Twine after only a quarter of an hour left the hosts with a harder task.
The Seagulls only began to play seriously, it seemed, in the final quarter of an hour of the first half, but in that time only ill-luck prevented them going into the break on level terms.
Things looked more level between the sides in the resumption, and Joe Doyle was unlucky when receiving a pinpoint pass from Luke Nolan only for his firm strike to fund the woodwork.
Former Bray players Ismahil Akinade and Cory Galvin were instrumental in the Suirsiders campaign, both in attack and as full time approached in the attempt to prevent the home side forcing Extra Time.
And in that they succeeded as wave after wave of Bray attacks were turned away, though a revitalised Seagulls defence was able to halt the frequent Waterford counter-attacks.
Ten minutes in, an uncharacteristic error by skipper for the night Hugh Douglas let Akinade through to feed a loose ball to Galvin, but he could only find the side netting of Gabriel Sava's goal.
With no advantage accruing from a bookable foul by Douglas a couple of minutes later, referee Rob Harvey called play back, and Twine curled his 20m dead ball over the wall and past the stunned Bray keeper.
Sava did better with Galvin's shot minutes after that - but it was straight into his arms.
As Bray recovered their compsure, McGlade started pressuring the Waterford midfield, and Luke Nolan's ball into the area needed a smart clearance from Rory Feely.
On the half hour, another McGlade effort following nice playe bewteen Kilian Cantwell, Nolan and Joe Doyle wasn't enough to trouble Matthew Connor in the Blues' net, while Doyle got his feet in a tangle when travelling well moments later.
A Dylan Barnett flag-kick gave Darragh Gibbons an opportunity, but he couldn't get enough on his header and it flew wide, a pattern that was repeated a minute or two after that, the header more accurate but not powerful enough to beat Connor.
With only five left to half time, the offside flag prevented Twine from picking up a Bastien Hery cross that seemed intended for Akinade.
At the other end, Nolan forced a decent stop from the Waterford keeper, but the counter-attack saw Galvin power a low shot that took a nick off a Bray leg before sliding wide.
But the half finished with the Seagulls on the attack, McGlade's drive forcing Connor to push the ball behind.
Bray opened the second period as they had ended the first, winning a corner following a brace of frees but failing to make the set-piece count.
Galvin got another chance almost ten minutes in, but couldn't keep his effort down.
On the hour mark, Doyle spread a quick free to Nolan, who spotted an opening and returned it ahead of the Bray man whose shot came agonisingly close, smacking Connor's upright.
An Akinade foray fed by Bastien Héry ended in a powerful shot that rattled the ads behind the Bray goal, and moments later the same player knocked the ball back to Twine, but the striker shot over this time.
Bray were finding a little more space down the left, with Derek Daly linking well with McGlade, but failing to find a finish.
Inside the final ten minutes Waterford seemed to be making the running, or at least stopping the home side creating anything, and in the final minute of normal time, Shane Griffin looked like polishing off the tie, but Sava managed to beat the ball away.
In time added, both sides had final chances, Doyle going close with a snap shot and Shane Duggan wide at the other end.
The half-time scoreline remained intact, and Waterford join Bohemians, Derry and Dundalk for the Semi-Finals.
Compiled by Mícheál Ó hUanacháin
Bray Wanderers: 1 Gabriel Sava; 3 Dylan Barnett, 4 Kilian Cantwell, 2 Hugh Douglas (c) , 5 Seán Heaney, 15 Darragh Gibbons, 17 Luka Lovic, 10 Dylan McGlade, 22 Luke Nolan, 9 Joe Doyle, 19 Brandon McCann