A conical intersection between the ground and first-excited states of water is computed through the direct calculation of two-electron reduced density matrices (2-RDMs) from solutions of the anti-Hermitian contracted Schrodinger equation (ACSE). This study is an extension of a previous study in which the ACSE was used to compute the energies around a conical intersection in the triplet excited states of methylene [Snyder, J. W., Jr.; Rothman, A. E.; Foley, J. J.; Mazziotti, D. A. J. Chem. Phys. 2010, 132, 154109]. We compute absolute energies of the 1(1)A' and 2(1)A' states of water (H(2)O) and the location of the conical intersection. The ACSE energies are compared to those from ab initio wave function methods. To treat multireference correlation, we seed the ACSE with an initial 2-RDM from a multiconfiguration self-consistent field (MCSCF) calculation. Unlike the situation for methylene, the two states in the vicinity of the conical intersection of water both have the same spatial symmetry. Hence, the study demonstrates the ability of the ACSE to resolve states of the same spatial symmetry that are nearly degenerate in energy. The 2-RDMs from the ACSE nearly satisfy necessary N-representability conditions. Comparison of the results from double-zeta and augmented double-zeta basis sets demonstrates the importance of augmented (or diffuse) functions for determining the location of the conical intersection.