Flores appeared to suggest he had been hit by Steven Nzonzi with replays suggesting that there was minimal contact from the Potters midfielder.
Walters reckons the Spanish defender was trying to get Nzonzi sent off and should be reprimanded for his conduct.
"For someone to fall over clutching their face when he hasn't been touched, trying to con the referee, should be banned," he told The Sentinel.
"The powers that be should look at that. It's the same as a dive. They need to look at it because it's disgraceful."
Walters scored during Sunday's entertaining game and says Swansea were fortunate to finish the match with 11 men.
"In my eyes, he should get sent off himself for that," he said.
"Nzonzi did not touch him, so for him to react like that, to try to get another professional sent off, there has got to be really strong action."