Bob and Shaggy have been working on recreating the Confederation flag as it appears in the Wing Commander Movie. Their source image is intentionally weathered and without color, so there is some room for debate on the specific design. Bob's composition emphasizes subtle stripes present in the original picture, while Shaggy relies more on color to contrast certain areas. Klavs also recently outlined a black and white variant that is slightly different as well. They all began working on flag designs independently, so it's interesting to see how each turned out. You can help provide feedback at Crius.net.
Bob: I should emphasize, once again, that the color scheme in this - and in every other version - is purely speculative; we don't actually know what the colors are, and I based the ones here on the flags at the end of Wing Commander IV.