I have never been there to see if the water parade goes by, but I can say a good place to watch Wishes is the marnia by Gasparilla's Grill & Games. However I don't remember hearing the music, but the view of the fireworks was amazing.
You can view both from the boat dock. There's not a lot of room though and you won't be able to hear Wishes. If you don't mind walking a little bit, I'd suggest watching Wishes from the marina or by the end of the Sago Cay building. There are speakers in this area, although the reports are that they can be spotty. To view the EWP, I'd head over to the beach. You'll have much more room and you can bring a chair over from the pool area and be comfortable.