NSW Police confirmed to 9news.com.au that the Marine Area Command has seen the footage, which is circulating on social media, and is investigating the incident.
9News also filmed the boat, a Morpheus Cruises vessel, which was out on the harbour on Boxing Day as the Sydney to Hobart boat race began.
Passengers can be seen tightly packed towards the front of the vessel, cheering and dancing with the ship appearing like it is close to tipping over.
Transport Minister David Elliott said the skipper should be fined by Maritime officials.
9News.com.au has contacted Morpheus Cruises for comment.