Sergeant Jason Puschenjak said statements had been taken from the victims and officers were in the process of trying to obtain security camera footage.

"Inquiries are pending. We are still attempting to identify the two offenders," he said.

Anyone with information about the assaults in Bank Street about 1am Sunday is requested to contact the Port Fairy police station on 5568 1007 or Crime Stoppers on 1800 333 000.

Sunday: Pools of blood were left on the footpath after two men were attacked on a Port Fairy street at 1am Sunday morning.

The victims received "quite bad" cuts to the back of their heads after they were punched in the head by two other men during the alcohol-fueled assault.

Both victims required stitches for their injuries and were taken to Warrnambool Base Hospital.

Senior Constable Lachlan Barr, of Port Fairy police, said it was not known how exactly how the injuries were sustained, but believed they may have been as a result of their heads hitting the pavement when they fell after being punched.

He said the men, aged in their early 20s, were in town for the Port Fairy Folk Festival and had just left a pub when they were attacked on Bank Street near Barclay Street.

Senior Constable Barr said there would have been plenty of witnesses to the attack with people spilling out onto the streets around that time when the pubs were closing.

He said police were potentially looking for two local offenders, also aged in their early 20s, with one wearing a distinctive yellow T-shirt with orange flowers.

The victims and their attackers were not known to each other, Senior Constable Barr said.

Anyone with information is asked to contact Port Fairy police, and any businesses in the area with CCTV footage is asked to contact police.