Actually, presuming that current aerial light marking conventions still apply in FS1&2 era, the lights should be as follows:
-green static lights on starboard side (right when looking forwards), red static lights on port side (left when facing forwards) as already explained
-bright (or yellow) strobos aka blinking lights on centerline (nose, tail, upside and downside)
And of course landing lights, taxiing lights and... umm... nevermind that.

Although it should be noted that in Freespace, navigational lights do not really serve their purpose like they do on atmospheric flight or at sea, because crafts can roll so that there's no way of knowing the ship's attitude just by observing the lights.