Yes, plug your final water displacement node into a populator's 'terrain shader' input, if you just need one object, set the distribution/spacing accordingly in the populator to only create one instance. Also, make sure to check 'populate every frame', as the surface is moving.
*** Edit. Offset the object node's Y transform negatively, too, as you'll likely want to have it in the water, not just on it, unless it's just some leaves or something really light, then offsetting shouldn't be necessary.