Terri,
I expect that you will not find specific guidelines on this from each of the search services. Primarily because they like to keep search spammers guessing.
But - the big concern appears to be duplication of the entire contents of a page multiple times within a single site for the sole purpose of gaining high rankings for specific search terms with minimal effort.
I think perhaps your specific concern is your waterproof labels. The best approach I can think of there is to make sure you use the term waterproof in the duplicate content, and then vary one or two descriptive terms between the two pages where ever it is possible to do so. A thesaurus may well be helpful there.
Some places, you can't avoid substantial content duplication. This is particularly true of ecommerce sites where a wide offering of products that are very similar in nature are offered. If you can't avoid this entirely in your products, be sure to do so in articles and supporting information pages.
David