I use the Rust color which most lines of paints seem to have - As I prefer enamels I have Rusts by 4 different mfgs (MM, Testors, Humbrol and an old bottle of Pactra). Each is a different color actually (varying from all most chocolate brown to an all most orange) and by using the darkest for the oldest rust and dry brushin with the lighter colors to represent more recent rust.
If I'm doing the exhaust system on a vehicle (and depending on how much rust and damage I want to represent), before I paint the item, I will poke, jab and grind with an exacto knife and a Dremel tool to get the bends, creases and holes that an older exhaust system will get in it. Then I paint it in a darker rust, and then while it's still wet, sprinkle it (or roll it in) baking soda. After the base coat is dry, I will again dry brush some areas with lighter colors of rust. I usually finish by painting the holes, gouges etc in flat black to represent the exhaust gas leakage. Works out fairly well.
And though I've never tried it, I would assume that Acrylics from various mfg's also vary as to color and will also work in the same way.