The train driver, a 54-year-old man from the ACT, and the train pilot, a 49-year-old Castlemaine woman, died at the scene.
About 20 people remain unaccounted for and police have asked people who left the scene without speaking to emergency services, or who bought tickets but didn't board the train, to get in touch.
V/Line - the regional public transport operator in Victoria - had reported some track faults in that section of line in the days leading up to the incident.
A dozen people were taken to hospital with non-life threatening injuries after yesterday's train derailment.
Two people have been killed after a Sydney to Melbourne express train derailed near the Victorian town of Wallan, officials say.
Two crew members are dead following the derailment of a Sydney-to-Melbourne passenger train today.
The service is now terminating at Albury for all south and northbound travellers.
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With 1.6 million Holden cars still on the roads, about 200 people are expected to be kept on staff to carry out that work. It will also handle any recalls and safety-related issues if they arise, as required, working with governmental agencies.
A crime scene has been established.
Investigators will look at several factors, including speed.
The train, carrying about 160 passengers, was reportedly meant to slow to 15km/h to divert through a "passing loop" at Wallan when it derailed.
"It just veered off, and all the carriages smashed into one another", he said.
Some passengers claimed they heard an onboard announcement saying the driver was trying to make up for a lost time before the crash, but police would not confirm this.
The section of the track where the crash happened was commonwealth-owned.
All Seymour, Albury and Shepparton V/Line services were suspended until further notice and the nearby Catholic school will be closed on Friday.