Crews resumed scouring Port Phillip Bay at first light on Monday for any sign of camera operator James Rose and the pilot, who were on board when a Jetworks Aviation flight went down about 1.45pm on Sunday.
It is believed the plane was one of two Viper S-211 Marchetti aircraft conducting a civilian formation flight about 12km west of Mount Martha.
The planes collided mid-air and one crashed into the water while the second landed safely at Essendon Airport, the Australian Maritime Safety Authority confirmed.
Both planes had a pilot and passenger on board.
Jetworks Aviation, based at Essendon Fields, hosts flight training and joy rides, with one package offering a 45-minute two jet fighter formation flight.
The business was specifically created for the TV documentary Any Fool Can Fly, which is yet to air, according to the show's website.
The series was set to show a "group of high achievers" attempting to master flying, aerobatics and formation, with Australian comedian Tommy Little among the "student pilots" featured.
Rose, an esteemed drone operator, has worked on high-profile TV shows for the Nine and Seven Networks and production company EndemolShine, which produces MasterChef.
He tagged a video production company in a story posted to social media before the crash, which appeared to show him sitting in the cockpit of one of the jets.
Victoria Police Inspector Terry Rowlands on Monday confirmed search and rescue efforts for Rose and the pilot had shifted solely to a recovery mission.
Several vessels were aiding the search for the still missing aircraft wreckage about 5.5kms offshore.
The search zone itself stretched across several kilometres, Insp Rowlands said.
"Divers haven't entered the water as yet as I understand, and won't do until there is some wreckage that is located," he told reporters about midday on Monday.
"The search that's being undertaken now is to find any debris that may be floating, and also, sonar equipment is being used to try and locate anything that might be on the sea floor.
"(It's) unbelievably tragic for the families and all involved."
Some debris from the wreckage was found on Sunday and there were witnesses to the incident.
Insp Rowlands urged any members of the public who found debris to contact police and said modelling suggested there was minimal drift given currents were relatively stable.
The jet that made it back to Essendon landed about 1.50pm on Sunday, according to flight records.
Three rescue helicopters, water police and volunteer crews were searching the bay on Sunday but the hours-long search was paused once darkness hit.
The Australian Maritime Safety Authority handed over control of the search to Victorian Police at about 7.30pm on Sunday.
The Australian Transport Safety Bureau has confirmed it will investigate the incident, with a preliminary report due to be released in two months.
The Viper S-211 is an Italian-made fighter plane, primarily used for Air Force training.
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