Infrastructure and Transportation Minister Steve Ashton says the Portage Diversion, the Red River Floodway and the Fairford Water Control Structure will be reviewed to set up new rules governing how and when they can be used.
The government came under fire in 2011 from some rural and lakefront property owners.
They said they were flooded by the operation of the Portage Diversion in order to reduce the risk to Winnipeg and other communities east of the diversion.
Ashton says the review will include public consultations in the affected region, as well as along the Red and Assiniboine rivers.
Ashton also released a consultant's report on the 2011 flood, which says the flood would have been much more severe without the anti-flood structures.
The report, by KGS Group, says the emergency measures the province took, including expanding the Portage Diversion, prevented about $300 million in damage further to the east and into Winnipeg.