I've been threatening to do this for a while now, but I was waiting until I had an order that actually
needed some rockweed before I invested the time that it takes to make it.
As promised (over in the bird forum) here is a picture of the artificial rockweed that I make from vinyl sheeting.

Now for the annoying news: the pictures that I took of it when it was being made have vanished off of my camera! (I let my husband use it ...)
I had hoped to include some pictures of it while it was in progress, but I will try to describe the process and hope that helps.
It starts out as the kind of clear vinyl sheeting that is sold to cover storm windows or (sometimes) tablecloths, etc. I was surprised to see it at Walmart a couple of days ago in the fabric dept, but I normally get it at the local building supply store. It comes on a roll, sandwiched with paper. It is fairly heavy, and crystal clear.
Once you have the vinyl you simply paint it (before cutting out the leaves) with normal, acrylic (water-based) airbrush paint. I used mostly Polytranspar Burnt Umber, Transparent Dark Bass Green and Waterfowl Base Yellow on the ones in the picture. For some reason the water-based paint seems to stick to the vinyl better for me, but you could try it with lacquers if that's all you have. You can modify the color to suit your own reference pictures because rockweed varies widely from brown to yellow to green, depending on how wet it is, and probably on the season and location as well.
Once you are happy with the color, go ahead and cut out the leaves with scissors. I like to make them in groups of 2-4 fronds with a common stem.
You will notice that they are way too flat-looking. The trick is to SLIGHTLY melt them and stretch them so that they curl and wrinkle up. I do it by passing them over a candle flame while holding them between 2 sets of forceps. It doesn't take much heat to do it. The vinyl isn't expensive, so just practice until you develop a technique that works for you.
When you have your seaweed all wrinkled up then go ahead and wrap the stems together at the end. You can then either pin them to your artificial rock "as is" or brush them with Mod Podge to thicken them up some. I usually Mod Podge them after they are in place since it helps anchor them down, but a couple of coats does no harm. The little root-like structures that hold it to the rocks can be made from stained epoxy if you want to include those.
Real rockweed will often have swollen tips that help it to float. I haven't figured out how to make that particular feature yet, but luckily it also occurs without the floats so it's not incorrect to make it that way.
If anybody is interested (especially if the written instructions aren't clear enough) I will take some step-by-step photos the next time I make some rockweed.
I have looked all over the place for believable seaweed that's economical enough for regular use and I haven't found any yet. It seems to be a common problem.
This is the best solution that I've been able to come up with so far.
I hope it helps!