The dharmachakra is the "wheel of law" in Buddhism, representing the cycle of death and rebirth as well as the rapid spiritual change engendered by the teachings of the Buddha. The eight spokes in the center of the wheel represent the Noble Eightfold Path set out by the Buddha.
In addition to the wheel, modern Buddhists often use a five-colored flag to represent their beliefs. The color blue represents loving kindness, while yellow represents the middle path, or avoiding extremes. Red is for the blessings of practice and achievement. White represents the purity of dharma, while orange represents the wisdom granted by the Buddha's teachings.