It's possible to extract that map, but you'd have to render from the top down and without any displacement, with just the painted shader as color input of a surface shader. Easier to paint in Photoshop from the start (IMHO), and if you need it exact, make a crude topdown render from your terrain, import in PS, and draw your mask on another layer in white, add a layer in between and make that black, merge layers and save as greyscale tif. Measure out how big it should be to fit over the existing terrain and set those measures in the image map shader, and locate over terrain.
But, just tested it, I don't see the problem. Check this out. If you're painted shader has soft edges the masking will go well.