Fertilome Decimate Weed and Grass Killer should only be applied in the following areas: airports, alleys, lanes, paths, trails, access roads, around commercial or industrial structures, around the farm, around ornamental gardens, bare ground, beaches, campgrounds, construction sites, ditch banks, driveways and ramps, dry ditches and canals as directed. You can use a product like Opti Amine 2,4-D Amine Herbicide instead to control water lilies. Aquatic weed control instructions are listed on page 20 of the product label.
Fertilome Decimate Weed and Grass Killer contains the active ingredient glufosinate, which is considered a semi-translocating active ingredient. This means that the product will move well through smaller plants, but it may not entirely kill the roots of more mature plants or woody plants or vines. You may need more than one application for those larger or tougher plants, or may want to select a different active ingredient for certain applications.
You can review the full product label here.