Source: The Great Interpretation of Dreams (Ibn Sirin)
A waterwheel in a dream indicates a man who strives for people's interests. Its sound indicates a dispute.
Source: Perfuming Humanity in the Expression of Dreams (Al-Nabulsi)
A waterwheel indicates travel and sustenance. Its rotation indicates striving to seek livelihood.
Source: Signs in the Science of Expressions (Ibn Shaheen)
A waterwheel is interpreted as goodness. Whoever sees it turning will attain goodness and sustenance.