The incident was captured on Bangor town centre cameras at 19:45 BST on 16 April.
It shows a mother and her two daughters, aged six and eight, crossing at lights at the post office.
As they attempted to cross, a car was driven through the red light about seven seconds after it had turned red.
The footage was posted on the PSNI Ards Facebook page in an attempt to trace the driver.
Anyone with information is asked to contact police in Ards station.
Police have released CCTV footage of a driver narrowly missing a mother and her two children after driving through red lights in Bangor, County Down.