Rescuers sped to the scene after the 10-metre fishing boat got into difficulty and grounded close to the shore north of Loftus Hall.
Despite the receding tide, the lifeboats managed to tow the vessel carefully off the rocks "without any major damage", according to a spokesperson. The two crew were uninjured in the incident.
It marked the third major call-out in a week off the Waterford coast - following a similar rescue effort last Tuesday, and just days after the tragic loss of a local fisherman on Thursday morning on the sixth anniversary of the sinking of Dunmore East trawler the Pere Charles.
Meanwhile, on Sunday afternoon volunteers with Achill Island RNLI went to the assistance of an injured fisherman off the Mayo coast.
The lifeboat station received the distress call around noon to go to the assistance of a fishing party north of Clare Island, where the crew removed a man from the vessel who had suffered an eye injury from a fishing hook.
He was subsequently transported on the lifeboat to Kildavnet, where a local doctor examined his injury before referring him to Castlebar General Hospital for further attention.