As Mike mentioned, there are some ways around the US Sailing requirement - an International Event which is defined in the ISAF Regulations as, "an event open to entries other than those from the national authority of the venue or any event organized in more than one country." If you expect competitors from Canada or Puerto Rico (we're talking an event in North America), the following language needs to be in the NOR under the "rules" section:

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This is an international event, therefore, in accordance with the US Sailing prescription to RRS 88.2, the US Sailing prescription to RRS 40 is deleted.


But you're not done yet. Some class rules (Hobie Class) also require PFDs to be approved in the country of origin or jurisdiction - which means USCG in the US. So in addition to the above statement (which gets repeated in the SIs), you need the following language in the "Protests" section of the SIs:
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Breaches of IHCA class rule 8.1 (with respect to the country of certification only) will not be grounds for a protest or a request for redress by a boat. This changes RRS 60.1. Penalties for these breaches may be less than disqualification if the PC so decides. The scoring abbreviation for a discretionary penalty imposed under this instruction will be DPI.

Often, the judges will have an issue with this, but since the RC drafts the SIs (not the judges), they will have to live with it - and you need to convince them to stay out of the issue (because they can still protest a boat). I did it with Means, and even he (Mr. Risk Management) was OK with it.

Of course, if you get pulled over for an inspection by the USCG and don't have a USCG approved PFD, you're going to get a ticket, no matter what the SIs say. One way around (most) everything is to wear what you like and stash a USCG PFD somewhere on the boat where it's out of the way.

Back to the original OP's question, though - there are some unique requirements in Australia (did ya notice where he's from?) that may exclude a some of our favorite vests, including that they be a bright color (red).