Pick the calyx, or seed pod, off the petunia when the flower dies and falls off. You can find the calyx directly underneath the flower's base.
Place the unopened calyx in a paper bag for a few days until it splits open. The calyx should turn brown right before it's ready to open.
Collect the seeds from the paper bag and set them out on a paper towel to dry. You will know that the seeds are sufficiently dry when they are hard enough that you can't bite through them or crush them.
Transfer the dried petunia seeds to an airtight jar or plastic container. Label your container.
Store the container in a cool, dry place at a temperature between 32 and 42 degrees F.