Can Depth Fade be made to work only on Z Axis (height), rather than on camera distance? Or is there another solution?

Hey all, quick quesiton. Is it possible to make the depth fade node work based on the depth from the top of the water, rather than distance from the camera? I want the ability to display objects in the water just like depth fade is able to when plugged into the base color, but I want the color change to be based on Z axis height, so that you can see distant objects as well as close ones, rather than having them fade out when they get too distant. You can see what I am talking about in this image of the old spyro games:

17027-spyroshoreline.jpg

there is another solution although it only works for flat surfaces. i don’t have access to the engine right now but you can find it in the lake material of the water planes project files. i’ll post it later if i can find it