Place potato in a 2-quart baking dish; add water. Cover with plastic wrap, and microwave at HIGH 7 to 9 minutes or until potato is almost tender, stirring once. Drain and pat dry with paper towels.
While potato is cooking, combine vinegar and next 3 ingredients in a jar; cover tightly, and shake vigorously. Set aside.
Place potato, onion, and pepper strips in a grill basket coated with cooking spray; coat vegetables with cooking spray. Place turkey bacon slices over vegetables. Place grill basket on grill rack, bacon side up, over medium-hot coals (350° to 400°). Grill, covered, 15 to 20 minutes or until vegetables are tender, turning once.
Place grilled vegetables in a large bowl; crumble bacon slices over vegetables. Shake vinegar dressing to mix, and pour over vegetables; toss well. Let stand 5 minutes before serving, stirring occasionally.