If they abuse reflector, simply side B at them on reaction. It will punish it every time. With a banana in hand this is very powerful as they'll be expecting you to throw it and use that reflector.
Punishing Falco's side B with banana tossses is ideal since they cover so much space.
Once you get them offstage without a jump, do a strong banana toss, if they get hit by it, all you have to do is fast fall edge hog and it will gimp them.
So it's really about baiting out Falco's options.
Oh and make sure you have a banana in hand at all times at low percent. This way even if you get CG-spike and don't SDI the dair, you can simply throw the banana up to prevent them from edge hogging and up B safely back.
Just a few things to come to mind.
To add to this, you can crawl under improper SHDL (if they do the 2nd laser right, itll be silent and be able to hit you crawling) though powershielding through them would be a better option
Try staying away for a bit at first to try to see if they are fishing for grabs or not, if so you can just weave in and out of grab ranges and punish them for it, crossup on their shield so they cant shield grab your pressure, jump around them when you start getting close and make sure to always land outside of grab range to see if you can bait it out
Utilt can juggle falco better than against most other chars so thatll rack up a good amount of damage at low percents
Watch out for Jab>grab.
General gameplan should just be to get falco offstage and punish his recovery by putting him back offstage to repeat the situation until his death. I believe you can also crawl under reflector and DTilt him for it but I generally dont go for that so Im not 100% on it, anyone else can double check this?