Saturation effects in laser-induced breakdown spectroscopy in water for elemental analysis have been investigated. Existing theoretical model of laser-induced plasma in solids has been applied to liquid phase under some simplifying assumptions to take account of the laser pulse energy dependence of atomic emissions from Na and Cu in aqueous solution. The theory was found to explain the emission process for laser energies up to but below the saturation level. The saturation limit of the emission with laser pulse energy corresponds well with that of the plasma temperature deduced from blackbody emission considerations. The saturation energies for atomic emissions were found to be lower for bulk excitations compared to water jet excitations. The dependence of signal strength on sample concentration indicated that the concentration values at saturation are lower at higher laser energies, as is expected from the theoretical model.