The answer is definetely NO.
The sensor, if the suggested type with two pressure ports is used it might be located on the moon and still indicate the correct pressure, provided both ports are located near the "target" (Who wants to to install a 380,000km long plastic tube?
)
Seriously, the sensor might be located far away from the water tank which is not much practicable because of the need of long PU-hoses. (cable is cheaper)
The end of the hose connected to the positive pressure port of the sensor has to reach down to the bottom of the water tank, because it has to transfer the height of the water colomn in an equivalent value of air pressure. The negative port remains unconnected to sense atmospheric pressure.
Pressure sensors with one port have the disadvantage, that the output voltage is only true on days with barometric pressure equalling the standard atmosphere air pressure of 1,013.2mb, 1,013.2 HPa or 29.92inch/Hg. (One side of the diaphragm is encapsuled under that pressure)
This type of pressure sensor might be used in aviation, since the flight level sytem relies on standard atmoshere settings. For take-offs and landings the altimeter has to be set to local pressure so the altimeter will indicate field elevation on the ground.
Boncuk