To quickly evade missiles, roll and flip in the air.
When avoiding missiles and rockets while in a plane, dive down, bank right, go up, then bank left. This will shake off most missiles if there are more than two of them, and all of them if there are less than two.
Use the following trick to dodge a homing missile (fired by missile turrets and Warhawks). Activate the afterburner, then bring down the Right Analog-stick to send your plane into a loop. Then, press Right Analog-stick Right or Left to get it spinning. Tilt your controller or Left Analog-stick sideways and hold R2 + L2 to power slide. This will work about 85% of the time if you are skilled.