A good addition to your taping and sealing of those wires would be this product:
http://smile.amazon.com/gp/product/B000XBDK7G?psc=1&redirect=true&ref_=oh_aui_detailpage_o00_s00A
I have used this stuff for many years and it really seals out salt water. It's available in Cans w/brush at many marine/hardware, but I find the tube much easier to apply, control and seal. My First tube (after many cans) was from a hardware store, but then had to go to Amazon to find next 'tube'.
I usually (after soldered connection is complete) start with a coat of this, then standard (outdoor use) electrical tape and paint or anything next.
There's no better sealer than 3M's 5200, I have a Yamaha internal Oil Injection Tank that was leaking around sensor over 20 years ago. Yamaha Dealer's only option was complete replacement of Tank/Sensor $$$, 3M-5200 (one application) has kept it well sealed to this day. Of course this won't seal a high pressure leak, so you have to control the situation before that happens. I used a "seven-day" cure (only version then), but they now have 24 Hour Cure that sticks and seals just as well.
If you have visible rust around your motor/pump/connections/wires, after cleaning coat it with the aerosol "cold galvanizing" available in many brands like CRC or Rustolium, just shake thoroughly throughout your use. It is conductive, so I would be careful to not allow a continuous coating across wires and use previous sealing around wires with it.
It can be painted over for a final finish, but it will stop the rusting.
Art