Design - All design features focus to a single area. Single area represents the singular nature and purpose of all involved to explore space.
Base Color - Deep blue black of space.
Support Colors - Red/White/Blue represents the United States of America.
Numerals - 1981-2010 represents the span of the Shuttle program flights. 134 represents the total no. of flights flown (needs to be double checked). 29 represents the no. of years of service the Shuttle has provided.
Large shuttle image - Represents the program, the fleet, and the missions.
Small shuttle images - One represents the Columbia and the other the Challenger, both flying posthumously in "wingman" formation.
Star trail images - Seen behind the Columbia and Challenger these represent the 7 lost astronauts on each of those missions.
Fleet names/dates - They identify each of the orbiters by name and when it went into service. Also in the case of the Columbia and Challenger, when there fatal missions ended their service.
Family image - Represents the family of NASA. NASA and it's employees, the US public, NASA's contractors and employees, NASA's International Partners.
Astronaut image - Represents the Shuttle Astronaut Corp. Those who have flown, those who are flying, and those who will fly.
Star image - Represents hop for all who seek to know the universe's unknowns.
Moon/Mars/Stars image - Represents the universe and future for NASA to explore.