The XPT Sydney-Melbourne passenger train that derailed in February, killing two people, was travelling at more than six times the speed limit when it entered a loop track at Wallan, the rail safety watchdog has found.

A preliminary report into the derailment found the train was travelling over 100km/h on the main line when it entered a passing loop in Wallan that had a 15km/h speed limit.

Train driver John Kennedy and the train's pilot, Sam Meintanis, died in the crash.

"Recordings from the train indicate an emergency brake application a short distance before the points," the Australian Transport Safety Bureau's report, released on Friday, has found.