Walters began her television career playing Lorna Forbes Perelli on the soap opera Loving from the pilot in June 1983 to late 1986.
Aaron Spelling hired Walters for several of his productions: in Hotel during its last season (as Ryan Thomas) 1987–1988; in the 1988 television miniseries Elvis and Me as Priscilla Presley; in Nightingales (as Bridget Loring) 1988–1989; and in Melrose Place (as Tiffany Hart).
[4] In 2009, Walters starred in the episode "Pilot" of the first season of Drop Dead Diva alongside her husband, Linden Ashby, as a couple getting divorced.
After portraying Principal Rimkus on One Tree Hill in 2009, Walters recurred in the role of Carol Lockwood on The Vampire Diaries from 2009 through 2012.
In 2022, Walters returned to her role as Diane Jenkins at the conclusion of the March 23, 2022 episode of The Young and the Restless.