In a typical RTL to GDSII flow, floorplanning or macro placement is a critical step in achieving decent quality of results (QoR). Moreover, in today's physical synthesis flows (e.g., Synopsys Fusion Compiler or Cadence Genus iSpatial), a floorplan.def with macro and IO pin placements is typically needed as an input to the front-end physical synthesis. Recently, with the increasing complexity of IP blocks, and in particular with auto-generated RTL for machine learning (ML) accelerators, the number of macros in a single RTL block can easily run into the several hundreds. This makes the task of generating an automatic floorplan (.def) with IO pin and macro placements for front-end physical synthesis even more critical and challenging. The so-called peripheral approach of forcing macros to the periphery of the layout is no longer viable when the ratio of the sum of the macro perimeters to the floorplan perimeter is large, since this increases the required stacking depth of macros. In this article, we develop a novel multilevel physical planning approach that exploits the hierarchy and dataflow inherent in the design RTL, and describe its realization in a new hierarchical macro placer, Hier-RTLMP. Hier-RTLMP borrows from traditional approaches used in manual system-on-chip (SoC) floorplanning to create an automatic macro placement for use with large IP blocks containing very large numbers of macros. Empirical studies demonstrate substantial improvements over the previous RTL-MP macro placement approach (Kahng et al., 2022), and promising post-route improvements relative to a leading commercial place-and-route tool.