In Skyrim using a variety of ENB presets, if I enable the Underwater effect, while in 3rd person mode, if the player character is partially submerged in water, as the camera is rotated below the water, it starts showing more of the player character underwater then there is supposed to be. So if the player is half submerged, as I rotate the camera below the water, at first the player is correctly half submerged, but I rotate the camera lower, the water level appears to rise showing more of the player underwater than should be. Eventually the player will be completely visible underneath the water but only half is supposed to be. It's difficult to show this in screenshots, so I drew the expected and incorrect behavior:

I never seen something so strange, maybe you have very big level of water waves for displacement, so refraction remain the same, but actual character is much more under the the water? Anyway, such things hard to fix for me, because water have many shaders in assembly and i don't remember them, will take too much time and personally i don't see bug (probably because don't have modded water). Sorry.

PS: thanks for drawing, otherwise it would be hard to understand.

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i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

I just retested with all of my mods disabled and the effect still persists. The ENB presets I tested were Vivid Weathers, Vividian, Tetrachromatic, and NLVA and all show this issue.

It's possible you are experiencing the effect, but it's subtle enough you don't notice it. I teleport to Whiterun "coc whiterun", and travel down the river from the bridge that you spawn on, and after a few mini-waterfalls there is a spot deep enough to stand waist high in.

Then pay attention to where the water intersects your character with the camera above water, then slowly pan the camera down until you are completely underneath your character and watch how the water level appears to rise as you do this.

Honestly though at this point, it's a pretty minor issue, I just thought it might be useful to share to see if others are experiencing it, and if you plan to make any major changes to the underwater effects in the future, maybe this would be helpful information for testing.

Oh, got it. Sorry, my fault, it was because i didn't turn on all setting in [underwater]. Its because displacement and sihlouette enabled, but i didn't notice this issue before, so it just means that water textures need to have alpha channel for displacement and if it's absent, this bug occur. I don't have any water mods now to test (not at home, using laptop). You can disable sihlouette parameter, then depth correction will not take place.

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i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

Thanks so much! You're right. If I disable Silhouette and reapply the settings that issue no longer occurs. I can't actually notice any other difference other than the water level change, so perhaps I do need a mod that implements the alpha channel to see what improvement it could make.

Do you happen to know any mods that utilize this feature, or maybe a screenshot comparison that shows how the Silhouette feature is supposed to work?

I don't remember the name of the mod, it was so long time ago, but there are many which compatible with displacement feature of ENBSeries, you just need to browse water mods on Nexus and from screenshots see if its flat or not. For example this water is with displacement http://i.imgur.com/SqHeTMo.jpg. Sihlouette feature makes displacement look depth correctly, which is very useful for underwater when water level is close to some objects, to remove flat look.

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i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

OK, so I installed the Realistic Water Two mod and that appears to have eliminated the effect (mostly). The water level now changes on its own which I believe is the Displacement effect you were talking about, even though it actually was the Silhouette effect that was causing the problem. Perhaps they are connected?

On a related note, I'm having trouble understanding this odd effect when the camera is positioned close to the water surface (showing both above and below water, but the camera must be just below the surface).

Album: https://imgur.com/a/ZHy3a

There is this bar that is the same color as the underwater darkness filter. I suspect that the darkness filter is just misaligned with the water level causing it to extend above the water. But it has this weird behavior where it will obscure the land and sky equally if the bar reaches the top of the screen, but if it sits in the middle of the screen without touching the top, it only applies to land elements.

Any idea what is causing this and if there is a way to remove it without removing the underwater darkness effect as well?

Sihlouete is quality improvement for displacement, so they are connected.

About another question, you are too much perfectionist for such a crappy game. In general its rare that some game draw good looking water when camera in half inside of it.

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i5-4690k, 16Gb RAM, GTX 1060 6Gb, X-Fi Titanium, Win7 x128
I am INFP, not the brutal, godamnit.

I'm sorry. After some more testing I discovered this bar effect is still present when ENB is not used, so it must be something caused by Skyrim or one of the mods I was using. Thanks for all of your help!