An elderly South Australian couple missing in north-west Tasmania have been found cold and wet with minor injuries in the Dial Range area, police say.

Clementina, 81, and her partner Peter, 79, were visiting family in Tasmania and had embarked on an afternoon of sightseeing in the region on Tuesday.

They were last seen at 2:30pm that day in Milabena, about 44 kilometres west of Burnie.

The couple was first reported missing on Tuesday night, after they did not return home as planned and their family were unable to get in contact with them.

Tasmania Police said they believed the pair may have intended to travel to the Penguin, Gawler and Gunns Plains area in a silver Honda CR-V.

Aerial and ground search and rescue teams were then sent to the region in search of the couple, with their search focused on local tourist spots.

On Thursday morning, Tasmania Police said members of a search team found the couple's missing car on the side of Cookes Road, near Riana.

The pair were then found a short time later.

Police said they are being assessed by paramedics at the scene.