Missy was left behind when floodwaters from the Maribyrnong River swept through the city at around 6am on Friday. The owners tried to retrieve her but were stopped by the rising water.
They thought they might be able to bring her back, but the floodwaters prevented them from doing so.
After going to check on her Friday night, Ali Ulfet came back to find her safe. However, she was shaken up on the table inside the house due to the rising water.
According to Ulfet, the water was so high that the dog could feel it lapping at her feet as she tried to dry herself.
Residents of the Maribyrnong region spent Saturday cleaning up after the floods, which have already killed one person in Victoria.
A 71-year-old man from Rochester died on Saturday morning after he was found in his backyard. His wife was also reportedly trapped inside their home.
Despite the rain falling, the situation in the state remained grim as several communities were still isolated.
According to Premier Daniel Andrews, the state had deployed 10 helicopters to assess the damage. They also moved people and cargo to help those who were affected.