Hi, i love this mod, but it does work with some shaders, especifcly with complementary reimagined shaders...

I don't, and to rule out everything else, I just confirmed the issue is reproducible with only Embeddium, Oculus, and Ping installed.

As noted by others here, this happens with Oculus too. I'm on 1.20.1 and I use Complimentary Unbound, but I tried several others that didn't work either. Sildur's Enhanced, Sildur's Vibrant, Rethinking Voxels, Soft Voxels.

If anyone finds a pack that works, please note it. For now I'm just disabling shaders during co-op.

Do you have Optifine installed at the same time?

I'm not sure how you verified your fix, but this is still broken with the following versions:
MC 1.20.1
NeoForge 47.1.106
Embeddium 0.3.31+mc1.20.1
Oculus 1.7.0
Ping 1.10.2
Complimentary Reimagined r5.2.2

It works with shaders loaded with Optifine, instead of Oculus

Can confirm that pings still don't render on MC1.20.1 using the following mod versions:
Ping 1.10.2
Embeddium 0.3.31
Oculus 1.8.0
Complementary Reimagined r5.4

The sound that should play when placing a ping still does play though so it seems like only the rendering part is broken - pings don't show up at all with shaders on, and even with shaders off, they appear at completely wrong positions sometimes.
Also, it's worth noting that the same setup but using the 1.19.2 versions of the same mods worked just fine, in case that helps with troubleshooting.