A water safety floatation assembly includes a water safety vest and a pocket secured to the water safety vest. The assembly further includes a flag and pole assembly positionable between a stowed position and a signaling position, wherein (i) the flag and pole assembly is located within the pocket when the flag and pole assembly is positioned in the stowed position, and (ii) the flag and pole assembly is removed from the pocket and completely spaced apart from the flotation member when the flag and pole assembly is positioned in the signaling position. A method of using a signaling device during performance of a water sport activity is also disclosed.