"She opted not to travel back to the Olympic village alone, as per AOC safety protocol, and instead stayed with female swimming friends overnight.
"Emma should receive a sanction for failing to inform team management but a ban from the closing ceremony is too harsh.
"Please help to rectify this knee jerk overreaction."
Since being started on Friday morning the online petition has been flooded with signatures.
The decision to ban McKeon, who was tipped to be Australia's flag bearer at the ceremony, has even drawn the ire of high-profile stars from other sports, including former Australian wicketkeeper Adam Gilchrist.
"The MOST overrated word in team sport...curfew. @emma_mckeon you were brilliant at these Olympics," Gilchrist tweeted.
Australian Diamonds representative Nat Medhurst and former Wallaby Lote Tuqiri have also shared links to the petition on Twitter.
McKeon was separated from her Australian teammates on a night out and followed protocol by not catching a cab back to the village by herself, but by failing to contact team managers to let them know where she was broke that protocol.
"To clarify, I've followed AOC safety protocol in not travelling to village alone. My error was not texting my team manager. #noclosingforme," McKeon tweeted.
On top of the ban, she's been given a curfew of 8pm to 8am at the athletes' village for the remainder of the Rio Games.
McKeon's punishment matched the one dished out to fellow Australian swimmer Josh Palmer.
Palmer moved on to a beach after his night of partying and was missing until 2pm the next day when he was found disoriented and without his phone or wallet.
Australian athletes have been told to be vigilant when out in Rio, to mingle in groups and not openly display expensive possessions such as smart phones.