Shared Vision Planning (SVP) is a collaborative approach to water (resource) management that combines three practices: (1) traditional water resources planning; (2) structured participation of stakeholders; (3) (collaborative) computer modeling and simulation. The authors argue that there are ample opportunities for learning and innovation in SVP when we look at it as a form of Policy Analysis (PA) in a multi-actor context. SVP faces three classic PA dilemmas: (1) the role of experts and scientific knowledge in policymaking; (2) The design and management of participatory and interactive planning processes; and (3) the (ab)use of computer models and simulations in (multi actor) policymaking. In dealing with these dilemmas, SVP can benefit from looking at the richness of PA methodology, such as for stakeholder analysis and process management. And it can innovate by incorporating some of the rapid developments now taking place in the field of (serious) gaming and simulation (S&G) for policy analysis. In return, the principles, methods, and case studies of SVP can significantly enhance how we perform PA for multi-actor water (resource) management.