After replacing brake pads and sensor you need to reset the system.

I believe the process is to simply turn the key to the run position and wait a full minute without turning the key to the start position.

I have the low cluster so I don't get words just the (•) icon for brake pads.

That said I don't recall the BRAKE light coming on red or yellow when the pads wore out.

Trifecta with RED brake I've only seen once and that's when the xdrive transfer case failed.

You need to pull codes and see if you have a transfer case error. Do you have a model with xdrive?

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2011 E70 • N55 (me)
2012 E70 • N63 (wife)