A system and method for watermarking a projected image from a digital cinema projector includes a projector having a plurality of watermark image files associated therewith. A scripting mechanism is configured to determine when and where the watermark image files are displayed during the presentation. The watermark image files include a combination of null and non-null watermark images unique to a given projector and rendered in accordance with the scripting mechanism during a rendering of a digital presentation such that the watermark images and their temporal placement identifies the projector rendering the presentation.