I have a pretty compact kit from Orion Safety in each of our Kayak's that has the following items for signalling:
1 orange plastic streamer
3 handheld red meteor flares
1 handheld orange smoke signal
1 flourescent green dye marker
1 whistle
1 signal mirror
1 waterproof flashlight
If you get in trouble, putting a flag on the end of your paddle and waiving it will get the attention of anyone close by, but, you need some other options if you're not near someone and want to get noticed. Remember that you want signals that can be readily seen from land and water (at your level basically) and also from aircraft above. It's a little redundant but we carry a whistle, signal mirror, and lightstick attached to our life jackets (in a front pocket on a lanyard). Having a strobe, or even just a lightstick, will significantly improve the ability to be found at night.
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- Ron