White broke the news of the 115-pound bout to ESPN on Tuesday. The UFC Fight Night event will take place at Wells Fargo Center in Philadelphia and air on ESPN.
Fighting out of JacksonWink MMA in Albuquerque, New Mexico, Waterson (16-6) is riding a two-fight win streak. She defeated Felice Herrig via unanimous decision at UFC 229 in her most recent performance.
Kowalkiewicz (12-3), of Poland, is coming off a first-round knockout loss to title challenger Jessica Andrade in September. The loss snapped a two-fight winning streak for Kowalkiewicz.