Water-lubricated rubber bearings are a critical component of the propulsion systems in underwater vehicles. Particularly under conditions of low speed and high load, friction-induced vibration and wear often occur. Surface texturing technology has been proven to improve lubrication performance and reduce friction and wear; however, research on how different texture parameters affect friction-induced vibration and wear mechanisms remains insufficient. In this study, various texture patterns with different area ratios and aspect ratios were designed on the surface of water-lubricated rubber bearings. By combining these designs with an in situ observation system based on computer vision technology, the effects of texture parameters on bearing friction, vibration, and wear were thoroughly investigated. The experimental results show that surface textures play a critical role in improving hydrodynamic effects and stabilizing the lubrication film at the friction interface. Specifically, textures with a high area ratio (15%) and aspect ratio (3:1) exhibited the best vibration suppression effect, primarily due to the reduction in actual contact area. However, excessively high area ratios may lead to increased surface wear. This study concludes that a reasonable selection of texture area and aspect ratios can significantly reduce frictional force fluctuations and vibration amplitude, minimize surface wear, and extend bearing life.