In this work, we investigate large SNR behavior of the outage probability for a class of signaling schemes designed for flat fading Rayleigh multiple antennas systems. Outage probability is important in a practical system since it reflects the frame error rates achievable for a given rate of transmission. With an assumption of short-term power constraint, which diminishes the effectiveness of time power control, our analysis characterizes the diversity advantage of different schemes. Our main result is the characterization of a large class of signaling schemes, all of which are guaranteed to have the identical rate of decay of outage probability with SNR given by the maximum spatial diversity available in the system. We show that several important multiple antenna signaling schemes like space time coding and various beamforming techniques, designed with different amount of channel state information at the transmitter are included in the proposed class of signaling schemes. Such a classification of schemes, based on similar error performance, helps in addressing practical issues like tradeoffs in feedback resources and decoding complexity required by each scheme. Finally, the techniques developed in this paper can also be used to derive the diversity gain of an arbitrary signaling scheme.