Magpies midfielder Jack Crisp could also be reviewed by the match review officer over a sling tackle on Bulldogs forward Rhylee West, putting his bid to play the most consecutive AFL games in danger.
In the fourth quarter of Collingwood's thrilling 10.16 (76) to 10.10 (70) win at the MCG on Friday, Cox marked on the wing and Lobb's late spoil caught him flush on the cheek, flooring him.
The Collingwood ruck-forward was unable to take his kick and did not see out the game, while he had swelling and cuts under his eye.
"He looks like he's got a couple stitches in his eye," McRae said.
"Didn't come back on the ground but I'm not too sure we're too concerned about that. But we'll have to monitor him in the next period.
"It looked on the vision like he got punched in the face, so he got a couple of stitches."
Collingwood have the bye next, so Cox should be fit to face Carlton in round four regardless.
When asked if he expected the incident to get looked at, McRae said: "I'm not sure, I assume so.Â
"Guy leaves the ground with a couple of stitches, I'm not sure. I'll leave it up to others to decide that."
If key defender Lobb, who had distinctive blue hair on Friday night, were to be suspended, it would be a huge blow to the Bulldogs ahead of facing Carlton big men Charlie Curnow and Harry McKay next Friday.
Cox wears special sports glasses to protect his eyes after multiple surgeries earlier in his career.
When asked if the damage was done by his glasses, McRae said: "Potentially. But he got punched in the face."
Crisp gave away a free kick for his dangerous tackle on West in the first quarter.
A suspension would end his extraordinary streak of games.
He has played 240 consecutive games, four shy of the late Jim Stynes' record.
"I remember the one right in front of me," McRae said.
"I'd have to watch a replay to make a better assessment of it. Maybe during the week."
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