in other places water is figurative for words, or for people (in Revelation the "sea" a beast comes out of could be figurative for the mass of humanity)
the woman here is Israel - who gave birth to the child, Christ. so this is figurative of Satan persecuting Israel, and then frustrated because she is protected, turning on all those others she also gave 'birth' to - the believers in Christ, born spiritually through Christ, figuratively & spiritually Israelites.