The flags widget shows the flags for the current Valgrind process. A button to open/close the flags widget is on the bottom right corner, with an icon of a flag.
Example: if valkyrie /bin/ls -lF was given on the command line, then this window would show:
    /path/to/valgrind 
    --tool=memcheck 
    --xml=yes 
    /bin/ls -lF
Note: Valkyrie only displays and sends flags to Valgrind which are not the defaults.