The streaming media filter is an extension of the Moodle core_media_renderer (filter, renderer, player) module. It looks for any anchor href values that begin with 'rtmp://' and substitues the necessary html span tag with attributes to be used by a corresponding javascript module.
The plugin's YUI module applies the flowplayer function, using Flowplayer's rtmp plugin, to the <span> elements with class values of 'filter_rtmp_audio', or 'filter_rtmp_video'.
The plugin downloads for Moodle 2.3 and 2.4 can be found here.
The source code can be found on here.
The Moodle Docs page can be found here.