I always bring the flags I have of the competing countries, and wave them as appropriate. No doubt the skaters appreciate seeing them, especially if they can see you from the stands. Ditto at the end of their practice sessions. We've had some experiences @ various Skate America competitions where I've waved a small Japanese flag for the Japanese competitors (I was able to buy the flag @ 2003 Worlds in Washington, DC), and some Japanese fans came over to us & thanked us for supporting their countrymen/women.
@ 2005 Skate America in Atlantic City, NJ, I waved my Canadian flag for Kurt Browning during a Zamboni break. Kurt was doing commentary for ABC back then. He saw the flag, and waved back to me. A few hours later, we got to meet Kurt up close & personal for the first time. He recognized me as the "Canadian" who waved the flag for him. I fooled him into thinking we were Canadians (I did tell him we were Americans, but really like many of the Canadian skaters).

A few years later, I did the same for Jeff Buttle @ one of Mike Weiss' foundation shows. I overheard him say, "Oo, Canadians" as he approached us after the show.
I've also brought the flags I have to SOI (back in the day when the US tour had an international cast). Since our seats were pretty close to the ice, the international skaters gave us lots of smiles & thumbs up when they saw the flags.
My point is, if you have the flags, bring them, wave them! I have no doubt that the skaters appreciate the support!