Waters was set to make his major league debut against the Los Angeles Angels on Tuesday night. The 27-year-old was 8-6 with a 4.65 ERA in 24 games at Double-A Bowie and Norfolk this season. He went 3-1 with a 3.60 ERA in six starts for the Tides in July.
Fahey was batting .241 in 33 games with the Orioles this season.
To make room on the 40-man roster for Waters, the Orioles have moved pitcher Jim Hoey from the 15-day to the 60-day disabled list.
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