Are you hoping for something removable, or will it be sewn on? That makes a big difference in the design. If you're just going to sew the vest on, the easiest way to make a pattern is the grab some soft, flexible paper or really cheap felt and fold it around the pony, then sketch out your ideas on it.
Cut the shape out, try it on the pony, adjust and repeat until you get what you want. Remember to add space for seam allowances when making the finished pattern, tho', since doing it this way usually means a close fit, and you might not have room to sew the pieces together.
Felt is usually the best choice for a first attempt, since it doesn't need to be hemmed, and is easy to sew.