Happy Vasant Panchmi!
Goddess Saraswati is often depicted as a beautiful woman dressed in pure white often seated on a white lotus, which symbolizes that she is founded in the experience of the absolute truth. She is mainly associated with the color white, which signifies the purity of true knowledge. Her four arms represent the 4 Vedas and also four aspects of human personality in learning: mind, intellect, alertness and ego. She holds a book in her book - representing Vedas meaning knowledge; a maaala representing the power of meditation; a pot of sacred water representing creative powers; a veena representing perfection of all arts and sciences. A hansa or swan is often located next to her feet which if offered a mixture of milk and water is said to be able to drink the milk alone - thus symbolizes discrimination between the good and the bad or the eternal and the evanescent. The peacock represents arrogance and pride over its beauty and by having a peacock as her mount, the Goddess teaches not to be concerned with external appearance and to be wise regarding the eternal truth.
Symbolism of Ma Saraswati taken from my blog post: http://rahulbemba.blogspot.in/2010/05/brahma-saraswati-and-symbolism.html