I saw a girl with a bright pink Ice Halo, that matched her boots and clothing. I thought it looked quite stylish - though I honestly don't know anything about fashion.
I suppose a pairs skater could worry about it being brushed off, leading to a penalty.
You could wear gloves whose color and texture matched the clothing on your arms without anyone noticing much. E.g., thin stretch gloves matching a thin tight leotard of the same color.
(I wear gloves to protect my hands, but not stealthily.)
Can some wigs provide padding? They can be fun and showy too...
But, regardless, if you need for padding to feel safe, I don't think you should let other people's opinions get in the way.
How about a skating program that makes fun of hockey, to justify hockey protective gear?
Fun and safe.
Or a Ghostbusters program, dressed as the Stay Puft Marshmallow Man?
If a lady wants to be more showy - A Dance of the Seven Veils program. Multiple layers of veil provide layers of padding. With a little work, you can devise a tie or elastic system which prevents them from being brushed out of the way in a fall. A lot of work to create and choreograph (think of how the veils interact with spins and other motions), but lots of fun. Not exactly stealthy, as it would attract a lot of attention in the rink, but they wouldn't think it was for safety.