Create three separate shallow dishes: one containing a mixture of flour, paprika, and salt, another with a combination of egg and water that's whisked together, and a third one with breadcrumbs.
To coat the onion rings, follow these steps: dip them into the flour mixture first, then the egg mixture, and finally the breadcrumbs, ensuring thorough coating.
Spray both sides of the coated onion rings evenly with cooking spray and arrange them in a single layer in the air fryer basket. Cook at 375 degrees for approximately 10 minutes, flipping them once at the 5-minute mark for even cooking.