Not. I have found it impossible to get good, consistent and reliable readings from an ultrasonic based system used to monitor a water tank . Reasons include:

• spurious results reported by the hardware
• anything causing reflections above the water level interferes with what should be the stronger reflection from the actual water.
• Spider webs!
• Stillage tube with condensation on the inside
• Stillage tube crud inside at high-water mark

..so to conclude, next step is to come up with a capacitance based measuring device. Watch this space.