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I don't have it on my Z1 either but washed the device many times. (I remember some said it is called pressure test or something like that).
The Water Proof test is actually used by your Sony service center to ensure that your phone is completely air tight after service. They usually use external test equipment to accomplish this.
You can find the detailed service procedure in the link below
P.S:- Don't forget to leave a Kudos if this helped 