On Sunday against West Coast at Etihad Stadium, Riewoldt will run out for his 150th game as St Kilda skipper after first taking on the role in 2005 under former coach Grant Thomas.
This season, with the Saints blooding six players already, the 30-year-old's role has seen him lend even more guidance to emerging youngsters than in previous years.
Riewoldt currently sits fourth in the competition for goals with 29 for the season, first for marks with 100 (the next best is Travis Cloke with 83), and second for contested marks with 24 (behind surprise leader Mike Pyke on 26).
Watters said Riewoldt had carried on his 2012 form, where he was close to All-Australian selection, and had also continued to help develop the next generation of Saints.
"I thought he was terrific last year and I've said this before; the way he led last year was very selfless and he was still able to maintain a really high level of performance," Watters said.
"He's committed to the next group of players that are coming through but he's also maintaining a really high standard of performance, which is the best type of leadership.
"He's working with our younger players, works with Tom Lee, with Spencer White and is continuing to bring them on.
"I think he has been outstanding as a captain, on and off the field."
The Saints conceded a 55-point lead to the Kangaroos last Sunday in the first quarter after being stunned by a nine-goal-to-one opening term.
Midfielder David Armitage said Riewoldt brought the players together at quarter time and made sure they were prepared to make a contest of the game.
"In the second and third quarters, we matched it. We could have easily thrown in the towel and given up," Armitage said.
"But, I suppose that's the character of some of our leaders.
"Nick got us together and said, 'You've got to stand for something', and the personal pride came out."
Riewoldt will become the second man in the club's history to reach the milestone of 150 games as captain, behind Danny Frawley who played 177 as skipper between 1987 and 1995.
The teammates of the five-time club champion can't speak higher of him and the way he leads from the front.
"He's a spiritual leader, he's inspirational … that's why he's captain," Armitage said.
"He's been a great leader for the club and when times are tough, he's the one that seems to always still play well and try and get the team up.
"It's a credit to his leadership and the character that Nick shows so it's a great honour to play with him."
Jennifer Phelan is a reporter for AFL Media. Follow her on Twitter @AFL_JenPhelan.
