A compilation of every (official) Formula 1 game which included the red flag feature. Afaik there are only 6 games, which has red flag in one or another way.

Credits go to the creators of following clips:
SerialKlillerrr:    • F1 2011 ★ How to cause a Red Flag ★ A...  
Joey T:    • F1 2013 - Big Crash at Monaco ( RED F...  

The other clips were my gameplay footages.

The present F1 developer and publisher, Codemasters, has on several occations in the past few years shown in their (hidden) game files, that they thought about implementing red flags in the game in the near future.

Below are some interesting sources, you should check out:
Mantazzo discovering the red flag icon in F1 2020:   / 1287803478090407936  

Jeff's lines about red flags (from F1 2018, however if you extract the files from F1 2020, you'll get excatly same lines):
   • Codemasters' F1 2018 Files: Jeff's vo...  

BGM:
F1 2013 - Main Menu Theme
(   • F1 2013 Soundtrack - Main menu with n...  )