There are several books out there that talk about harmala red. It forms from harmaline in alcohol but not harmine in alcohol.
Look at Hand-book of chemistry By Leopold Gmelin, Henry Watts, page 120. It's stated that harmala-red is a “product of oxidation of harmaline".
Dictionary of Arts, Manufactures and Mines By Andrew Ure, Robert Hunt, page 576, it says that harmala red is "obtained by digesting the seed in alcohol for some days".
Elements of Chemistry: Theoretical and Practical By William Allen Miller on page 546 says that with harmaline "oxidizing agents transform it into a red colouring matter which combined with acid, forming salts which constitute the bases of the harmala red of commerce."
Year-book of Pharmacy By Pharmaceutical Society of Great Britain, page 601, it says that the "most interesting fact concerning these seeds which immediately claims attention, is the magnificent green fluorescence which they impart to alcohol of about 75 percent. This optical power is partly due to a substance called harmin, and partly, it would appear, to the formation of a peculiar colouring matter named harmala-red, which has not yet been fully examined, but which does not pre-exist in the fresh seeds."
SWIM tested it and indeed harmala red forms from harmaline when left in alcohol for some time and he has pictures above to prove it. SWIM never tested it for activity though.