The Segment-Valve (SV) model can be utilized to analyze the reliability of water distribution networks (WDNs). However, it often focuses on the impact of segment failures on themselves. The isolation of segments in the WDNs not only affects the segments themselves but also influences other segments through which the water supply path passes. Therefore, considering the water supply path and the interaction between upstream and downstream segments, we convert the loops in the SV graph to nodes to simplify them, clearly describing the segmented hierarchy and its interconnections in a tree-like form, termed SV-tree. Based on the SV-tree and complex network theory, a method is proposed to estimate the supply shortage rate using betweenness centrality to provide a detailed analysis for local importance on example WDNs. Meanwhile, new analysis indicators that can reflect the global reliability of the WDNs are constructed from the mutual influence between segments and the difficulty for users to obtain water. The results demonstrate the efficacy of the new importance assessment indicator across various WDNs configurations, and its calculation time is much lower than that of hydraulic simulation. In addition, the reliability assessment indicators are more practical and can effectively identify problems existing in the WDNs.