/ Dictionary / Index P prize flag: Meaning and Definition of Find definitions for: prize' flag" Pronunciation: [key] a flag hoisted by a yacht upon learning that it has won a prize in a race. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. prizefight prize money Related Content Daily Word Quiz: reclusive Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language