Plymouth diver Daley, who finished eighth in the 10m synchro with Blake Aldridge at the Beijing Olympics in 2008, began partnering Waterfield after the Commonwealth Games in India in 2010.
The 18-year-old actually won gold in the 10m synchro in Delhi with Max Brick however it was Waterfield who he competed at the 2011 World Championships in Shanghai.
The duo finished sixth before ranking seventh at the World Cup at the London Aquatics Centre in February and claiming the overall World Series prize two months later.
However they suffered heartache at the London 2012 Olympics finishing fourth before Daley returned to claim bronze in the 10m individual platform event in the capital.
And, while it was thought Waterfield would call time on his career with injuries reoccurring this year, he will now partner Daley until at least the next Commonwealth Games in Glasgow in 2014.
However Evangulov admits that won't bring an end to the search for someone else to partner Daley, who has just returned from the World Junior Championships in Adelaide with double gold.
"Pete Waterfield will remain as Tom Daley's partner in the platform synchro," said Evangulov. "They are a good team together, as we saw at the Olympic Games.
"We will continue to look for young alternatives to dive with Tom, but there is no-one at the moment. Peter will remain his partner until the Commonwealth Games."