The bamboo was used by his headmaster at Cambridge and County High School for Boys and inspired the cane-wielding character from Floyd's The Wall tour.
The exhibit accompanies a book which logs punishments issued to Waters, now 73, when he was a Cambridge schoolboy.
The book also records beatings for his late band mate Syd Barrett.
Waters has said he felt "inordinately proud" of his own entry for fighting.
Mr Waters was speaking alongside the band's drummer Nick Mason at a preview of the Pink Floyd exhibition at the V&A in London.
He said he was particularly looking forward to seeing the cane, which he said was used for "flimsy" beatings.
He added that the headmaster "didn't really have his heart" in corporal punishment.
"There's a log of punishment that they [schoolboys] got... six strokes for fighting is my entry which I'm inordinately proud of.
"It's so archaic now, the idea of hitting people with sticks to make them do things."