The Swansea City defender went down clutching his face following a confrontation with Steven Nzonzi in Sunday's 3-3 draw with Stoke City, although replays suggested there was minimal contact between the two.
Flores was subsequently booked for his theatrics, but Walters feels the Spaniard should be subject to stricter punishment.
"It was very disappointing for me when Flores went down trying to get our man sent off," the Republic of Ireland international told the Stoke Sentinel. "In my eyes, he should get sent off himself for that.
"Nzonzi did not touch him, so for him to react like that to try to get another professional sent off, there's got to be really strong action.
"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."
Walters netted Stoke's opening goal in the breathless Liberty Stadium encounter, which saw Charlie Adam rescue a point for the visitors with a stoppage-time penalty following a controversial handball decision.
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