Hi Nick,
This water pressure sensor is not suitable for water tank pressure, but is well suited for pressureized systems such as mains water supply or high pressure applications. To measure the depth of your water tank I would suggest taking a different approach, such as measuring the distance to the water surface with an ultrasonic sensor, or by using a barometer in a pipe, with the top sealed and the bottom open and in the water. As the water level drops the pressure of the air in the pipe will be reduced.
Good luck with your project!