Police say the 19-year-old couple had just passed Pound Bend Tunnel at Warrandyte North when the water became turbulent and the woman lost control of her grip on the doll about 4.30pm (AEDT) on Sunday.
The woman grabbed hold of a tree that was floating in the river.
The man stayed with her and they yelled for help, police say.
A passer-by contacted triple zero and police and SES went to the scene.
A kayaker took life jackets to the pair and the SES attended with a boat and rescued the pair.
They were checked by ambulance officers but did not require medical attention.
Police say the fate of the dolls is unknown.
Originally published asCouple floating on dolls rescued on Yarra
