AFAIK the missiles are heatseeking. If you have a heat-sink launcher that works like a flare.
I hope it works pretty much flawlessly because the way the missile launchers have been implemented makes it possible to spam a ridonkulous cloud of the things.
If there's enough distance between you and whoever launched the missile , you can outrun them. Full throttle and 4 pips to ENG, boost as an when, with luck the missile runs out of fuel and explodes.