Yes, using water to filter your smoke will reduce the tars and some other poo.
If you are really looking for a better way, consider vaping. A vape like the Silver Surfer will deliver true flavor. This is what we call raw dabs. Vapes like the SSV remove up to 90% of the tars and carcinogens, as well as offer a much higher bioavailability over smoking. Vaping is up to 80%, while smoking is about 30%.
Removing combustion like what a vape does will also prevent the destruction of goodness in the herb, as up to 60% can be destroyed from the high heat of combustion.