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Background Pony #C617
I think that is simply an anachronism, even our history books and records are filled with them.  
The flag of Equestria before Celestia and Luna was different, but the flag with them on it has been used for so long that nobody remembers what the original flag looked like.
Mayojar77
The End wasn't The End - Found a new home after the great exodus of 2012

Because All records of the Era shortly after the founding of Equestria and the end of the Discordant era were destroyed during the Discordant era.
Background Pony #1862
Because Derpy was in charge of props and she got the wrong flag. The performers did their best to cover for her. These things happen with live theater.
Background Pony #40CF
Because it’s a kid’s show and they fucked up / didn’t care if it made sense or not.
 
Next.
stormtrooper1701
The End wasn't The End - Found a new home after the great exodus of 2012

Celestia and Luna were originally symbols of the three tribe’s newfound unity. When Discord took over, he brought those symbols to life. It turned out to be his undoing.
 
/headcanon
Mattatatta
An Artist Who Rocks - 100+ images under their artist tag
Artist -
The End wasn't The End - Found a new home after the great exodus of 2012

The Alicorns are merely symbols of the three tribes unifying. The symbols for night and day and the two Alicorns following each other represents the peace and order - harmony - that this new era shall usher forth.
Soul Dew
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Hoof Boi
Wait a minute… THE PRINCESSES WERE CREATED BY THE PONIES IN EQUESTRIA’S HISTORY… it’s all makes sense now…
kleptomage
Pixel Perfection - I still call her Lightning Bolt
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Magnificent Metadata Maniac - #1 Assistant
Perfect Pony Plot Provider - 10+ uploads with over 350 upvotes or more (Questionable/Explicit)
The End wasn't The End - Found a new home after the great exodus of 2012
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I believe the flag was for the benefit of the audience. That is, the audience of ponies for the play who might not have known what the correct Equestrian flag at that time in history was.
PaskaNaakka
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PM me Maud pics
@Vree They might just be symbols for the unity of the three races and the day and night/light and dark/yin and yang.
 
Then ponies created Celestia and Luna in their image.
Yorec
The End wasn't The End - Found a new home after the great exodus of 2012

Cause the Alicorn represents the unity of all three races.
 
The Earth Pony’s strength and hardiness.
 
The Pegasus’s agility and maneuverability.
 
The Unicorn’s intellect and resourcefulness.
soundtea
Solar Supporter - Fought against the New Lunar Republic rebellion on the side of the Solar Deity (April Fools 2023).
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A Perfectly Normal Pony - <soundtea> fappin to cartoon horses
The End wasn't The End - Found a new home after the great exodus of 2012

Ocellus is best buggo
Maybe they didn’t make a new flag for the play because they were lazy. Like how colonial plays use modern flags sometimes.
Background Pony #D79D
it’s the current equestrian flag and they don’t know what the old one is or don’t care for historical accuracy in their play
 
simple
Vree
Lunar Supporter - Helped forge New Lunar Republic's freedom in the face of the Solar Empire's oppressive tyrannical regime (April Fools 2023).
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The End wasn't The End - Found a new home after the great exodus of 2012

Because magic and shut up.
 
@PaskaNaakka Yeah, they may be any two alicorns controlling the sun and the moon. I’m sure there are dozens of them around here.
ZORDON
The End wasn't The End - Found a new home after the great exodus of 2012

I like to believe Luna and Celestia were prophesized (or whatever the spelling is) by the three tribes and, when they finally got toghether, they shared the legend of the alicorns and decided to base their flag on that.
 
It may be absurd, but I like my theory.