How to align object to other by using the same displace coordinate

Hi, I would like to do something like floating lily pad on water, but water is displaced by material, not by modyfier so I think can’t apply shrink wrap modyfier to this. Is there any way to get positon of water in these places where lilyes are?

The ocean modifier is much better suited to give a believable look to water surface. The noise texture doesn’t produce convincing results. And although one could certainly create a more accurate procedural texture, I’ve never seen it be done