I ended up installing another water valve from Dome, and not the EBV105 (which they now call the Bulldog). This is the link to what I have now:
It seems to work well with my IQ flood sensors, turns off my main water valve when a flood sensor is triggered. When it was added to my IQ2 panel, to my surprise, it recognized it as a Water Valve and not a light switch. However, it seems there are still come incompatibility issues as there is no water valve card on my ADC.com account or the IQ2 panel. It shows up as a light switch (on ADC.com).
Hopefully this a future software update to be more inclusive with these water valves.