It's very nice, rather adorable in fact (not to mention much better then I can accomplish)
Though the name threw me off. I was expecting to see a bear. Ursa Major is the "mother bear" With Ursa Minor as the "baby bear"
If one were clever And

You should consider a name like:
Epsilon Pegasi: The brightest star in the constellation Pegasus. Peg for short.
Stella Ali: Simply Star(constellation) and Ali, short for Alicorn. (Ali to her friends?)
Asterisms: which is a word defining the type of pattern of the stars (the square shape, really)
Eta Pegasids(sounds weird): It's what the meteor shower is called that falls around may 30 every year from near the constellation Pegasus.
Alpha Stellaris: Literally 'Leading Star' Since the position of Pegasus is leaping up from the Earth.
Any one of the stars that compromise the constellation itself.
Or, if you're really clever and

I can be. call it Ptolemy. After the astronomer who discovered not just the constellation Pegasus but about a hundred others.
Also, Equuleus, which literally means 'Little horse/foal' it sits by the Pegasus Constellation too.
I apologize if that comes off sounding snarky or anything. I mean it nothing like that. Simply, the name confused me a lot, and the picture is very cute. I like the design.