In small saucepan, combine pepper and 2 tablespoons of the water. Cover and cook over medium heat, stirring occasionally, until pepper is tender, about 4 to 5 minutes. Add corn, chilies, onion and garlic powder. Cook, stirring occasionally, until heated through. Keep warm.

In small bowl, beat together eggs and remaining water until blended. For each omelet, heat 1 teaspoon of the butter in 7- to 10-inch omelet pan over medium-high heat until just hot enough to sizzle a drop of water. Pour in 1/2 cup of the egg mixture. With an inverted pancake turner, carefully push cooked portions at edges toward center so uncooked portions can reach hot pan surface, tilting pan and moving cooked portions as necessary. When top is thickened and no visible liquid egg remains, spoon 1/2 cup of the reserved corn mixture across center of omelet. With pancake turner, fold sides of omelet over corn mixture. Slide from pan onto plate. Spoon on 1/4 cup of the taco sauce. Garnish with cilantro leaves, if desired. Repeat for remaining omelets.