BorisAfter testing I have found the reason using below values;
Picture 1: This is the Vanilla with dispersion effect enabled, fish and the depth looks very good. If you look closely you will barely some other fish that are deeper in water, which is very realistic. The fish on the right closer to surface looks as real as well, but you can only see the problem in vanilla water when there is movement, which makes it hardly noticeable. In fact at first I didnt think Vanilla had the problem.

Picture 2: This is with dispersion effect on and pure waters, notice the mixture of colors almost a lens effect. I believe someone made a post about this not too long ago but I cannot seem to find that post.

Picture 3: This is with dispersion effect and pure waters a comparison shot of Picture 1. Notice the colours on the fish that is closest to the surface, it has that same colourful effect you see in Picture 2. I have noticed that this makes the fish or objects that are closer to or on surface noticeable even in greater distance.

Picture 4: This is the vanilla with dispersion on while swimming, a comparison shot of picture 2. I have noticed that whether it is maxed or lowered dispersion value has no effect on the colourful effect, even though it changes the intended effect.

Due to this colourful effect things in water closer to or on surface can be seen from a great distance. In case you havent seen it in the last image, I have included my preset values in the last image for WATER, do you think there is some adjustments I can make to compensate? Am I doing something wrong? Or better yet can you steer me in the direction of making/finding a fix for this?
Thank you, and I hope it doesnt get lost in translation, I really enjoy all of these effects and its amazingly good work.. Kudos.
PS. I apologize if this was talked before, as I mentioned I couldnt find the post I believe I saw.
[WATER]
EnableDispersion=true
EnableParallax=true
EnableCaustics=true
EnableShadow=true
ReflectionAmount=1.0
FrennelMultiplier=1.7
FrennelMax=1.0
FrennelMin=0.2
DispersionAmount=1.0
CausticsAmount=3.2