In a large bowl, combine dry ingredients. Beat in egg substitute, milk, applesauce and vanilla. Add water; beat on medium for 2 minutes (batter will be very thin).
Pour into a 13x9-in. baking pan coated with cooking spray. Bake at 350° for 30 minutes or until a toothpick inserted in the center comes out clean. Cool. Lightly dust with confectioners' sugar if desired.