'bannerol' originates from Middle English, specifically the word 'banerole', ultimately derived from Old French 'baniere' (banner) with a diminutive suffix such as '-ole' (small).

'bannerol' changed from Old French 'banerole' into Middle English 'banerole'/'baneroll' and eventually appeared in Modern English as 'bannerol' (also spelled 'bannerole').

Initially, it meant 'a small banner' (a diminutive of 'banner'), and over time this original sense has been largely retained as 'small flag or pennant'.