Yes you would need to upload the resources if they are not a part of the SWF, but something that it calls to. You can upload them as a ZIP file, but you would want the file that launches the presentation to be named index.swf (or index.htm if desired).
Are you trying to load the SWF into a Connect Meeting room, or just as stand alone content?
Thank you so much for your advice. I am trying to upload it as a stand-alone content.
Will try uploading all including resources as ZIP.