The wreck of the SS Champion is significant historically as one of Victoria's worst shipwrecks. As an early steamship it played an important part in the development of and communications between the Western district and Melbourne. Although the site has not yet been located it is predicted to be highly significant archaeologically with the potential to yield information about early coastal shipping and the western district passenger and cargo trade. It is significant technically as an example of an early iron screw steamship, and is part of the western district steamship resource including the SS Casino, SS Coramba and SS Julia Percy.