Heat oven to 375°F. Line 15x10x1-inch pan with foil; generously grease foil with shortening. Sprinkle clean towel with powdered sugar; set aside.
In large bowl, beat eggs with electric mixer on high speed 5 minutes or until thick and lemon colored, scraping bowl occasionally. Gradually beat in granulated sugar until light and fluffy, scraping bowl occasionally. Beat in water and vanilla. On low speed, beat in flour, baking powder and salt just until smooth, scraping bowl occasionally. Spread batter evenly in pan.
Bake 8 to 12 minutes or until cake springs back when touched lightly in center.
Immediately loosen cake from edges of pan; turn upside down onto towel sprinkled with powdered sugar. Remove pan and foil. While cake is hot and starting with one short side, carefully roll up cake and towel; place on wire rack. Cool completely, about 1 hour.
Carefully unroll cake; remove towel. Spread jelly over cake; loosely roll up cake. Wrap in foil or waxed paper; refrigerate 30 minutes. If desired, sprinkle with powdered sugar just before serving; cut into 1-inch slices.