This decision follows an outcry from the industry and investors over Ofwat proposals to remove reference to the RPI in licences, as part of wider reforms.
Chief executive Regina Finn and chairman Philip Fletcher will hold further stakeholder discussions before the exact wording is decided, according to minutes of the 21 June board meeting.
Ofwat faced a backlash earlier this year over plans to modify licences so the regulator could vary the number, nature and duration of price controls.
Investors said the proposals, designed to give Ofwat greater flexibility, increased perceived risk and could therefore lead to higher borrowing costs for water companies.
The regulator offered assurances it had no plans to remove the RPI link in the foreseeable future; this recent board decision seals that position.