4:50 PM PT -- A source connected to Naomi Campbell tells us there's no feud, as far as the supermodel is concerned, at least -- and you do see Naomi smiling in Rihanna's direction as the singer made her entrance.
Also, it does appear Naomi reached out to assist when Rihanna's gown got snagged as she made her way to her seat.
Rihanna's adding fuel to rumors of her longstanding feud with Naomi Campbell ... with fans saying she clearly dissed her during New York Fashion Week.
Video's circulating online of Rihanna walking into an event during one of the biggest weeks for celebs into fashion ... showing her striding in and giving a man she recognizes a big hug.
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Sitting right beside him ... Naomi -- who Rihanna walks past without a second look. No hug, not even a word as far as we can tell.