Correct, at least thats one way that would work. Providing your data just in form of matrices of values (tabled values for a rectangular area of w1 and w2 values) will work, too.
As soon as you can provide that function or the matrices you choose from the menu Insert/Graph/Contour Plot and you can go to format the plot as desired (select the ranges, color scheme, etc.). You may also use CreateMesh (if you can provide a function F) for a more convenient way to set the ranges and density.
One problem may be that Mathcad 15 and below does not provide the legend which is drawn at the right side of your picture. As far as I remember there are some older threads here in this forum showing some (cumbersome) ways to create that legend yourself.