A kinetic model of a non-equilibrium water vapor plasma created by a nanosecond pulsed discharge at elevated temperatures and at low pressure is presented. The model includes equations for electron, vibrational and gas temperatures combined with equations for neutral, charged, electronically and vibrationally excited species. Simulation results are compared with the available experimental data and show good agreement in dynamics of the plasma decay and electron drift velocities. It is shown that the plasma decay in pure water vapor is controlled by the dissociative recombination. Under the conditions simulated, the concentration of electronically excited species is low, but we observe a formation of vibrationally excited species. A significant decrease in the electrical conductivity of water plasma with time, which depends on the level of initial ionization, is shown.