The only picture of a Rice flag that looks shiny like this is the one the color guard is displaying at the Pitzer inauguration. Usually it looks like a pale linen. I also wonder if the wreath was always blue. I think it would look better in green.
Here is a scan (also made by Amanda) of an early iteration of the idea. It was drawn by someone in the office of Cram, Goodhue and Ferguson in 1912.