i know its not red, but i use a stainless steel spray paint, just paint over top of every rust dirt or whatever you find on them, but it doesnt rust through, and it washes easily, its kinda like loosing weight without working out...hehe they say it cant be done, but i spayed my calipers and rotors and there still a nice stainless steel color after 1.5yrs thats hard to beat, you can find this paint at your local parts convention, we call it autofair here in charlotte,nc , the people that sell all the buffing supplies carry this product,,, can is silver and blue lable with stainless steel writtin big on the front, thought you might like to know,
Get a couple cans of good brake cleaner, and a tooth brush. Get the caliper good and wet, scrub with the brush. Get a small can of Rustoleum "sunrise red", and a cheap small brush and paint away. It dries to a fairly smooth glossy finish. Mine have been red like that for at least 7 years.
when I was going to do mine i had the idea of powder coating them. A few peoplesaid the powder wouldn't hold and few said that they had theres powdered and they are still looking new. So then i looked at the hassle of powdering them. Removing disassembling and what not. So I bought a caliper paint kit off of ebay. It is made by g2 Engineering. I bought a red paint system. It is brushed on so removal of the calipers isn't necesary. paint dripped on my drive way and the stuff won't come off! The brake dust and dirt just falls off when you wash your car it doesn't stick. The red is also nice and bright it really stands out with my 20 inch wheels. Anyways i got mine at ebay for $35 bux shipped. Comes with paint hardener brush brake cleaner instructions very good product I am very happy. Just e-mail me if you have any questions about it!
Although not the cheapest, the G2 really is a nice product. Hard to explain unless you see it in person (i.e. pics don't capture it), but the coating is a lot more glossy than any rattlecan I've seen. And as Jim said, the stuff is VERY durable.
Rear calipers on my WRX are painted in it (fronts are STI Brembos). If I didn't have the Wilwoods on the SS, I would use it on that car as well!
We used Plasticoat brake caliper ceramic paint kit. $15.00 at autozone/walmart. Kit comes with cleaner, masking tape, brush, and ceramic enamel epoxy paint. Heat from caliper use "cures" the paint - ceramic makes it high heat resistant. We were really impressed with the results paint self-levels so brush strokes disappear - very glossy and brake dust washes right off. Best $15.00 low buck investment nice look! - course we did red.