Announcing the happy news with a low-key Instagram post on Tuesday, Park uploaded a video of her flashing her ring while on a boat with her fiance in Los Cabos.
"I got engaged," she exclaimed to the camera before kissing Waterlot.
She captioned the video with a diamond ring emoji and tagged her beau's account. She also added a close-up of her new sparkler, with Waterlot also sharing the image.
It looks like 2018 is shaping up to be another exciting one for the model, who made her catwalk debut in 2013. Two years later she was named L'Oreal's first Asian-American spokesmodel and has also worked as a Redken muse.
In late 2017, she became one of the faces of Michael Kors' Sexy Ruby fragrance, alongside Edita Vilkeviciute, Martha Hunt, and Serayah McNeill.
Talking to Teen Vogue in December, Park laid out her goals for 2018, one of which was to learn French so she can speak to Waterlot in his native tongue.
"With my hectic schedule, it's hard to get workouts in, so I would love to get on a routine to work out three times a week," she shared. "One of the ways I would love to get in shape is martial arts. I have been interested in getting into this for a while, so I want to finally make it happen. I would also love to focus more on my music next year as it has been put more on the back-burner because of modelling.
"And I want to learn to speak French better. My boyfriend is French and I want to get better at it so I'm able to speak with him in his native language. I'll also be able to communicate better whenever I travel to Paris for work."