First, you’ll want a vector file — ideally that can be sourced from the designer. If not, the design will need to be re-drawn from the highest resolution pixel version you can source.
Then you’ll need to do some offsets — some of the stars extend beyond the field of the draped flag, so you’ll need to add geometry around that to allow a V carving — this is actually a good thing to do generally, since it affords more and better detailing.
For a tutorial which uses similar principles (just inward rather than outward), see: V carve + inside pocket? for the other direction see: https://wiki.shapeoko.com/index.php/Carbide_Create_Basics#Clearing_area_around_drawing
It might be suitable to work with this using the 3D features in Carbide Create which the Pro license (currently in beta testing) affords: Carbide Create Pro - First Look