The image depicts the Blessed Virgin Mary wearing a dress of dark red, representing the Passion of Jesus, with a blue mantle, representing her perpetual virginity, and cloaked veil, which represents her pure modesty.
On the left side is the Saint Archangel Michael, carrying the lance and sponge of the crucifixion of Jesus.
On the right is the Saint Archangel Gabriel carrying a 3-bar cross used by Popes at the time and nails.
The Virgin Mary has a star on her forehead, signifying her role as Star of the Sea while the cross on the side has been claimed as to the school which has produced this icon.
The Byzantine depictions of the Blessed Virgin Mary in art has three stars, one star each on the shoulder and one on the forehead.
This type of icon is called Hodegetria
composition, where Saint Mary is also pointing to her Son, known as a Theotokos
of the Passion. (wikipedia)