I saw this in another forum for the Toyota Tundra - I wonder if this would be the same for the Rav 4:
My light started flashing too, after checking all 5 tires repeatedly and trying the reset & waiting 20 min. each time, it would not reset.
The TPMS computer is accessible without taking apart the radio and dash panels.
I took the glove box out (2 screws below glove box), removed the inner liner behind the glove box (3 screws) and if you look up towards the radio you can see the TPMS module, Toyota even labled it for us.
It is tight, but my hands are big and I was able to unplug the connector, cut the Pink wire w/silver bands and ground it to a nearby screw. Plug the connector back in to the TPMS module and guess what? - NO MORE F***ING flashing light!
It took me about 10 min. on my break at work after reading the previous posts. Thanks for the help, thought I would try to clarify and make it easier for the next person.
(note: there are 2 pink wires, both are pink w/silver bands, but one has a thin black stripe on it, this wire has 12 volts! Make sure you cut the pink without the stripe. Luckily I tested the 2 wires first with my meter, they both have voltage going through them. The wire you cut - pink w/silver bands - has about 8 volts but it caused no problems when I grounded it so that must occur in the TPMS module when it isn't malfunctioning?)
Where is the Rav 4 TPMS sensor? Is it under the seats or behind the glovebox as well?