Flores fell to the floor clutching his face following a confrontation with Steven Nzonzi at the Liberty Stadium, though replays showed that the Spaniard had hardly been touched.
Walters now wants the FA to hand out a retrospective ban for what he describes as a "disgraceful" incident.
"It was very disappointing for me when Flores went down trying to get our man sent off," he told the Stoke Sentinel.
"For someone to fall over clutching their face when he hasn't been touched, trying to con the referee, he should be banned.
"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."