According to the encyclopedic U.S. Army Patches, Flashes and Ovals by insignia guru Barry Jason Stein, the 46th Special Forces Company Flash was worn between 1967 and 1972 but was not officially approved until 20 March 2001. Its colors are representative of the national flag of Thailand to denote where the company was stationed: it was headquartered southeast of Lopburi, Thailand at Camp Pawai from 1968 to 1971 before relocating to the Royal Thai Army Special Warfare Center at Fort Narai, in Lopburi.
46th Special Forces Company was originally organized as Company D (Augmented), 1st Special Forces Group (Airborne) using personnel from the 7th Special Forces Group (Airborne) in April 1966 at Fort Bragg (renamed Fort Liberty in June 2023). It deployed to Thailand in October 1966 and set up its first HQ at Camp Pawai (see above). It was redesignated as 46th Special Forces Company (Airborne), 1st Special Forces on 15 April 1967.
Tasked with providing Special Forces training the Royal Thai Army (RTA) at the RTA Special Warfare Center, the Company also trained elements of the Cambodia military, including FANK Special Forces units. The Company departed Thailand in 1974 and became part 1st Special Forces Group at Fort Lewis, Washington.