Waterlining (also known as tightlining) is a great way to wear eyeliner without actually looking like you have any on, but finding a product that doesn't end up either on your eyeballs or piled up under your eyes can be a challenge. Most liquid liners are out unless you can hold off on blinking until they dry, so a pencil is most likely what you'll want to use. Urban Decay 24/7 Glide-On Eye Pencil is great for most people, since it's soft so it goes on easily and smoothly, it comes in a bunch of non-boring shades, and it really does last forever.
If you blink a lot or have eyes that defeat just about every mascara, shadow, and liner you put on them, you might want a hard pencil, like Make Up For Ever Aqua Eyes. You can soften it up a little by holding it over a lighter until it's warm and amore malleable, but the formula is intentionally hard, so it stays in place.
If water resistant and gentle is more important for you than being able to swim in your eyeliner, everyone in the Gloffice gives Anastasia Beverly Hills Covet Waterproof Eyeliner rave reviews. It's extremely precise, super soft on eyes, and the colors are rich, so a little goes a very long way.