STS-27 Mission Insignia 
The patch depicts the Space Shuttle lifting off against the multi-colored backdrop of a rainbow, symbolizing the triumphal return to flight of our nation's manned space program. The design also commemorates the memory of the crew of Challenger mission STS-51-L, represented by the seven stars. The names of the flight crewmembers of STS-27 are located along the border of the patch.
NASA

http://nix.larc.nasa.gov/info;jsessionid=1rrq9pe4iff9p?id=MSFC-8892171&amp;orgid=11