I think that you can use swat model to estimate flow discharge from watershed to main channel to make an upstream boundary condition flow hydrograph to HEC-RAS model which use to simulate the flood wave in main channel
In order to complete the answer on your question have to say first of all you have to declare what you want to do when you talk about the flood forecasting. In flood forecasting there is a chain of several issue have to be studied to get the acceptable result. SWAT is a model which gives you the possibility of simulating the discharge after each precipitation according to the characteristic of watershed and based on different method of calculations. So in the first step consider the basic data that you have and then analyse your past events and then go for simulation. The out put of SWAT (which I suggest you the ArcSWAT because of its easy setup interface) can be used individually or as the base for HEC-RAS model. In HEC-RAS according to the shape of river you can simulate the movement of water in the aspect of time,place and velocity. This is going to be the last step in flood forecasting. So in forecasting first you need the basic of forecast precipitation. Then according to that upcoming precipitation the direction,velocity of height of flow. And at the last stage the movement of flow in river.
I hope it could declare for you steps that you have to pass , without considering the models or comparing them together