Look at the manual your phidget interface , in the manual there is a description of how to connect a external button to the phidget interface.
In Pc Lap Counter just go in the phidget setup screen and in the "track call" tab page specify the input IO to the command you want the button to generate (http://www.pclapcounter.be/phidget_interface.html)
Edit: about yellow flag and voltage reduce, Pc Lap Counter can activate a digital IO of the phidget interface but i assume you will have to connect a device to the phidget interface which will reduce the power but as my knowledge in electronics is very basic i can't tell you what you need exactly