Toyota Red is probably OK for the 1995 and newer Toyotas, with the caveat that it doesn't last as long as Toyota Pink. You won't be able to achieve the service interval for Toyotas that came with Toyota Pink as factory fill.
However, Toyota Pink shouldn't be used in 1994 and older Toyotas, as the additive package in Toyota Pink, as well as any other organic-acid-technology coolant (Dex-Cool, Prestone AMAM, etc.) isn't compatible with the brass/solder heater cores found in 1994 and older Toyotas.
Both Toyota Red and Pink stick with other additive-package requirements of Toyota cars (unlike Dex-Cool, Prestone AMAM, etc.), including the right organic acids, except the organic acid in Pink not being compatible with brass/solder heater cores and Red not satisfying the extended service interval of newer Toyotas.
I would use Toyota Red in 1994 and older Toyotas and Toyota Pink in 1995 and newer Toyotas.