CVG has discovered that the title is not in the running for any of the prestigious event's nomination categories - including Best Game, Artistic Achievement, Gameplay and Story.
When contacted by CVG, a BAFTA spokesperson told us that although Red Dead was "eligible for the awards" Rockstar had "decided not to put the game forward for consideration".
The first round of voting for the BAFTA Video Game Awards takes place this year. A shortlist will subsequently be debated by an expert panel in early 2011, where the eventual winners will be chosen.
The BAFTA Video Game Awards 2011, sponsored by retailer GAME, will take place on Wednesday, March 16 at the London Hilton on Park Lane.
Big winners at the 2010 show included Batman: Arkham Asylum, which grabbed Best Game and Gameplay accolades. Nintendo legend Shigeru Miyamoto was accepted into the BAFTA Fellowship at the event, hosted by games lover and stand-up comic Dara O'Briain.