I use "Lacquer-Stik" from Brownell's Gunsmithing for things like that. They sell them for bringing out the roll marks on guns, for which it works well. Seems to stay even after repeated cleaning and oiling. I clean with brake cleaner before application, let it dry, wipe off the excess, and oil up the piece.
I have used the white on the instrument panel engraving and red in the "Fluid Drive" emblems on my old Dodge. The red faded a bit being outside, but did not flake or come off.