Use armorall.
Car dashes and waders don't have squat in common. Unless you wear your waders in the Mojave Desert in August.
Interesting train of thought, but the common denominator you missed was that armorall, whether used on vinyl or rubber, can have a tendency to dry out the material it is applied to, which is why you constantly reapply it, most commonly to car dashes and tires.
You are better off keeping your waders clean and hung up indoors and out of sunlight, but if you prefer an extra shine, then shine on!