Recent radio occultations of Saturn's equatorial ionosphere by the Cassini spacecraft provide important insight into this poorly constrained region. Twelve new electron density profiles identify a clear dawn/dusk asymmetry as well as two apparently separate electron density peaks. This study uses a 3D general circulation model along with 1D water diffusion calculations to examine the possibility that a topside flux of neutral water into Saturn's atmosphere may provide a loss mechanism-via charge exchange with protons-that is sufficient to reproduce the ionosphere observed by Cassini. Results indicate that a constant influx of water of (0.5--1.0) ¿ 107 H2O cm-2 sec-1 is adequate for reproducing Cassini measurements, providing a good match to the main electron density peak at dawn and dusk. In addition, these calculations use a reduced rate for the reaction H+ + H2(ν ≥ 4) → H2+ + H, significantly diminishing its importance in Saturn's ionospheric photochemistry.