A water jacketed exhaust component includes an exhaust pipe having a radially inwardly tapered tail end, a water jacket disposed in surrounding relation with the exhaust pipe, and a generally V-shaped spray ring. The spray ring includes a first and second set of apertures that create diverging streams of cooling water. A first set of apertures creates an annularly disposed series of streams that are directed downstream and radially inward. These streams are generally directed toward the outer surface of the exhaust pipe structure which extends downstream of the spray ring. A second set of apertures creates an annularly disposed series of streams that are directed downstream and radially outward. These streams are generally directed toward the inner surface of the water jacket structure extending downstream of the spray ring. By providing a water jacketed exhaust component with a spray ring that creates diverging streams of cooling water, the present invention provides a water jacketed marine exhaust component that provides improved exhaust gas cooling over a wider range of engine operating conditions. An alternate embodiment includes a V-shaped spray ring configured to create converging streams of cooling water.