Spiking Neural Networks (SNNs) have emerged as a promising tool for event-based optical flow estimation tasks due to their ability to leverage spatio-temporal information and low-power capabilities. However, the performance of SNN models is often constrained, limiting their application in real-world scenarios. In this work, we address this gap by proposing a novel neural network architecture, ST-FlowNet, specifically tailored for optical flow estimation from event-based data. The ST-FlowNet architecture integrates ConvGRU modules to facilitate cross-modal feature augmentation and temporal alignment of the predicted optical flow, improving the network's ability to capture complex motion dynamics. Additionally, to overcome the challenges associated with training SNNs, we introduce a novel approach to derive SNN models from pre-trained artificial neural networks (ANNs) through ANN-to-SNN conversion or our proposed BISNN method. Notably, the BISNN method alleviates the complexities involved in biological parameter selection, further enhancing the robustness of SNNs in optical flow estimation tasks. Extensive evaluations on three benchmark event-based datasets demonstrate that the SNN-based ST-FlowNet model outperforms state-of-the-art methods, delivering superior performance in accurate optical flow estimation across a diverse range of dynamic visual scenes. Furthermore, the inherent energy efficiency of SNN models is highlighted, establishing a compelling advantage for their practical deployment. Overall, our work presents a novel framework for optical flow estimation using SNNs and event-based data, contributing to the advancement of neuromorphic vision applications.