The woman Waterhouse saw was "driving up and down the street, looking nervous,'' a source close to Waterhouse told the newspaper.
Waterhouse's driver then reportedly saw a man jump into the car before it sped away at "significant speed", the newspaper says.
Meanwhile a USB stick was reportedly taken from the fake collar bomb, which had a two-page handwritten ransom note attached to it.
The note is believed to have made reference to Dirk Struan, the lead character in the epic historical novel, Tai-Pan by James Clavell.
The novel, published in 1966, is about two businessmen who set out to destroy each other during the time of the Opium Wars.
Police have refused to comment any further on investigations into the incident, saying it's too early.
Madeline Pulver's parents yesterday said they hoped they could get their lives back to normal as their daughter recovers from her terrifying ordeal.
Her father Bill Pulver fronted media with his emotional wife yesterday to thank those who had put their lives on the line to help their "beautiful" daughter.
"You are a wonderful group of people, you were an extraordinary support and comfort to my daughter last night," he said.
Mr Pulver said the family was hoping to get back to normal as soon as possible and appealed for privacy.
"From our family's perspective, we are clearly extremely eager for our lives to return to normal," he said.
"We have a daughter on the cusp of doing HSC exams ... our appeal to you is that you respect our privacy after this and leave us to get on with our lives."
-AAP