Prayer Flags in Tibet are called Lung Ta which translates into wind horse.  It is believed that by hanging these flags in high places the Wind Horse will carry the blessings depicted on the flags to all beings.

The image of the Wind Horse carries the  "Flaming Jewel", the wish fulfilling jewel of enlightenment. The writing printed on the flags includes the mantras of  Padmasambhava (Guru Rinpoche),  Chenrezi, and Manjushri. The five colors of the flags represent the five elements: blue for space, white for water, red for fire, green for wind, and yellow for earth.

Hang these flags from porches, trees, or anyplace the wind will catch them. 

In Feng Shui Prayer Flags can be an appropriate tool for incorporating the element of air.