Electromagnetic properties of polymer composites strongly depend on the loading amount and the completeness of the filler’s dispersive structure. Improving the compatibility of single-walled carbon nanotubes (SWCNTs) with isobutylene butyl rubber (IIR) is a good solution to mitigate aggregation. The change in configuration of poly-oxyethylene octyl phenol ether (OP-10) was induced using water as the exposed hydrophilic groups linking with water molecules. The SWCNT and IIR/SWCNT composites were then prepared via wetly-melt mixing at a relatively high temperature to remove water, and they were then mixed with other agents after vacuum drying and cured. The SWCNTs were dispersed uniformly to form a good network for a lower percolation threshold of the wave-absorbing property to 2 phr from 8 phr. With 8 phr SWCNTs, the tensile strength of the material improved significantly from 7.1 MPa to 15.1 MPa, and the total electromagnetic shielding effectiveness of the material was enhanced to 23.8 dB, a 3-fold increase compared to the melt-mixed material. It was demonstrated that water-induced modification achieved good dispersion of SWCNTs for electromagnetic shielding enhancement while maintaining a wide damping temperature range from −55 °C to 40 °C with a damping factor over 0.2.