First pass at the approach mentioned above. Non-inductive, galvanic isolation from the phone line, serious false-ring prevention, low power operation, LED flash oscillator included.
During ring voltage positive half-cycles, C1 charges through R4. When the voltage is far enough below Vcc, the U1A-U1B flipflop sets. This enables the U1C oscillator to flash the LED. U1D is necessary to keep the LED off when the circuit is reset.
With no details about your country or phone system, this is not a production-ready schematic. R1 and R2 are adjusted for the minimum input LED current needed to energize the output transistor briefly at the peak of each ring voltage cycle. The secondary current is a max of 130 uA at 12 V Vcc, so R1 and R2 probably can be higher than shown, like 47K to 100K each. Be sure to have the optocoupler's CTR (current transfer ratio) in your calculations.
Adjust R4 so that the flipflop changes state late in the first ring or somewhere in the second ring.
R3 sets the time delay after ringing stops before the ff is reset.
U1C is a standard Schmitt trigger oscillator. Adjust R6 for the flash frequency.
Adjust R7 for the desired LED current. Vcc can be anything between 5 V and 15 V.
If you want the circuit always to power up in the reset state, add a small capacitor across SW1.
The circuit should run for a long time on batteries. All circuit impedances are relatively high. When the circuit is sitting idle waiting for a ring, the only currents are the leakage currents through the active devices.
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