Yes, Water Baptism was the critical element in Jesus' time to show that one had left the old ways of Moses' Law, and its water cleansing, to devotion to an entirely New Covenant, water baptism merely symbolizing Spirit Baptism.
The Spirit Baptism into Jesus is what is essential, and that was accomplished not by the external ceremony of Water Baptism, which followed conversion, but rather, by confessing Jesus as Lord, and then following him spiritually in our lives. Spirit Baptism, therefore, is the "one Baptism" that unites us with God eternally and what unites us all as believers in Christ.
When we are externally baptized in the name of the Father, Son, and Spirit, let us recognize that the external ceremony is not the important thing, but rather, the fact it represents our commitment to live before God and in the Son, and through the power of the Holy Spirit, who unites us with Christ.