Hey @Naveen_KumarPr
Yes, you can pass this query parameter to the tracking code (v0 variable), and yes, you can then create processing based on the parameter to populate the same in another variable for Campaign type, Campaign ID, etc.
Create rules based on Tracking Code to map values:
If s.campaign/tracking code contains Water, then set:
eVarX (Campaign Type) = "Water Campaign"
eVarY (Campaign ID) = "12345"
Additionally, yes, you can also set up an Internal (Marketing Channel Processing rule) when there is a dashboard key = Water in the Page URL Query parameter.
If there is already an web interaction call (Link Click Call) that is happening, you can extend this call to include additional variables for Banner Name and Banner Type. You can pass them to any eVars or Prop as per your requirement.