The relationship between land features and their spectral characteristics is important for the interpretation of remote sensing images. In this study, the spectral characteristics of a submerged plant Vallisneria spiralis with varied coverage was measured with a ground sensor/radiometer, FieldSpec^TM Pro JR Spectroradiometer in the laboratory and in the constructed wetland of “Mengqingyuan”, Shanghai, China. The results showed that the reflectance rate of Vallisneria spiralis rose with its increasing coverage, which was exhibited both at the visible band (500–650 nm) and the near infrared band (700–900 nm). Water quality influenced the reflectance rate with the primary differences between the laboratory and field experiments mainly occurring at the near-infrared band (700–900 nm). A regression analysis was carried out respectively between the coverage of Vallisneria spiralis and the reflectance rate at the wavelengths of Quick Bird 4 bands where the coverage responded to the strongest. These results of regression analyses showed a clear linear relationship, by which the coverage of Vallisneria spiralis could be quantitatively deduced from the reflectance rate measured in situ. The implications in terms of the ability of hyperspectral remote sensing to distinguish and monitor the distribution and dynamics of submerged vegetation on a large scale are discussed.