Storm Flag Flying was a bay mare who was bred in Kentucky by the Phipps Stable, which was operated at the time by Ogden Phipps. She was by leading sire Storm Cat, whose stud fee at the time was $200,000, later increased to $500,000. Storm Flag Flying's dam was My Flag, who was by champion Easy Goer and out of another champion, the undefeated Personal Ensign. Personal Ensign, My Flag and Storm Flag Flying all won Breeders' Cup races, a rare triple even in the sire line and unique for a female family.