your navigator will tell you or you can right click the navigator icon and use the depthmeter yourself. In really deep water, I've gone to a few meters below the red line and skulked off, but in that situation, I had 2 destroyers on me and a third closing. A quick dive, a 30 second run of flank speed at east heading following by a command for run silent at slow speed and a sharp turn to the south had those dogs sniffing around and lost. Took me a while, but when I surfaced 3 hours (game time) later, I had nothing to worry about except my revenge.
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