Often the water above you is very shallow, so you should be able to get up without injuring yourself. If you have a sense of direction, you might be able to know where you went & for how long, this will give you a rough idea where you started - whilst being above ground.
You could also look for clues in the environment, such as the biome. If your base is in a desert, and you see one nearby, chances are it's located there.
If you have torches and/or reed, you could also use the glitch where it would give you an air pocket (not sure if this works on the Xbox version, or even at all anymore). Which you do by placing either reed on the ocean floor or by placing torches at head level on any block and hang it by its side.
Using the torch method. It may be a little hard to see, you you can see the person standing inside the air pocket.
According to https://bugs.mojang.com/browse/MC-929 - The sugar cane bug, isn't in fact a bug, but is an intended feature.