The unknown person and their dog were reported to have fallen into Traralgon Creek, east of the Latrobe Valley in Victoria's Gippsland region, at 5:30am on August 15.

Traralgon Creek burst its banks after it received rainfall totals of 45-85mm in the 24 hours to 9:00am on Monday.

CCTV footage showed the owner walking their dog down a street in Traralgon before they are believed to have been swept away.

A witness reportedly saw the dog owner roll up their trousers near the bank of the swollen creek before they were swept away with their pet.

Local police have searched the area and are unable to confirm whether the pair were swept away but are concerned for their welfare.

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Traralgon police have now released the security footage in hopes of confirming the person's identity.

"We're also appealing for the person themselves to come forward so we can ensure they are okay," a police statement read.

No reports of missing people have been filed in the area so far.

Traralgon Creek is currently peaking at 3.8m with a minor flood warning issued by the State Emergency Service (SES), which is expected to last into the afternoon.

Elsewhere, there is a emergency warning for the Moe River at Darnum after major flooding developed at the catchment, with locals urged to find higher ground.

There are minor flood warnings for the Bunyip River, Tarago River, Latrobe River, Morwell River and South Gippsland Highway at Caldermeade in Victoria's Gippsland region.