The most attractive peg-wood may depend on the fingerboard wood, and that may depend in part on the wood choice for back and sides. I generally tend to prefer Ebony fingerboards, although light woods also can be attractive, depending on the woods used for the rest of a guitar. The Tsiorba guitar in this video is a blanca, rather than a negra, but it is an example of light fingerboard that I like:

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Of course, other considerations beyond peg appearance are functionality and wearing characteristics. Bearing surfaces tend to work more smoothly without binding if dissimilar materials are used, which, of course, is why brass and steel are commonly used for metal bearing surfaces instead of steel and steel or brass and brass. So, it seems that for smooth long-term peg functionality with minimal wear the peg and head woods should have significantly different grain structures and hardness.

-Bob

Bob, Light fingerboards can look great on a flamenco and would go nice with boxwood pegs. I agree on the differential in wood hardness in a peghead flamenco. I like about a third to half the hardness for the peghead compared to the chosen peg. Ebony pegs would work great with a walnut or maple that runs at least 1000 on the janka scale. Average ebony runs about 3200. Rosewood varies drastically depending on the variety. My only concern with rosewood pegs is rosewood maybe as hard as ebony, but less dense and wears faster in my experience. Boxwood is a bit softer and wears faster than rosewood, but chances are if the peghead is softer than the pegs, it will wear more. If one buys commercial made pegs, then a set is inexpensive and if the first set is installed with a smaller diameter, then a new set being larger might fit nicely in the holes and give one more years without the need to put an insert in the old holes and drill and ream it for the old pegs. I found with a cejilla, using the same wood or another wood close the the same hardness, works best as tuning isn't required, just tightening and holding. For tuning a smoothness is necessary and the right combination of dissimilar woods can make for an easier tuning experience.