Lennie Lawrence: Hartlepool United boss admits centre-half spots are still up for grabs
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The pair have started the last three games together, keeping back-to-back home clean sheets.
However, Lawrence also insists he remains a big fan of Billy Sass-Davies, who lost his place after falling ill ahead of the goalless draw against Eastleigh.
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Hide AdCentre-back has been something of a problem position for Pools so far this season.
After impressing throughout the second half of last term, it was widely expected that the experienced Waterfall, who was appointed captain in the summer, and Parkes would be regulars in the heart of the defence.
However, Waterfall received two red cards in his first four matches and opened the door for Billy Sass-Davies, who signed for the club in August.
The 24-year-old has made a handful of mistakes, the most glaring of which was against league leaders York earlier this month, but has been generally impressive throughout his 16 appearances.
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Hide AdDespite one or two nervous moments, Tom Parkes has had another solid season, featuring in all but one of his side's matches this term and heading home the opening goal in midweek.
Waterfall, however, has struggled for form and fitness but looks to have started to cement his place in the side ahead of Sass-Davies.
Manny Onariase also remains at the club although he hasn't started a game all season and hasn't featured at all since the end of August.
Barring any more injuries, Lawrence will likely be choosing between Parkes, Waterfall and Sass-Davies when it comes to selecting his centre-halves.
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Hide AdAnd while he has favoured the more experienced pair in the last couple of weeks, the veteran Pools boss admits he hasn't settled on a first choice partnership.
"We'll have to wait and see, we take it game by game," he said.
"Billy Sass-Davies was a bit unlucky, he would not have lost his place after York but for the concussion.
"He would not have been dropped, he would have got a chance to go again.
"Unfortunately for him, he had a concussion and Luke came in and did well.
"That's how things are at the moment, but it's certainly not set in stone."
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