Whilst the letter doesn't explain why the particular symbols and colours where chosen, it gives an idea as to how they may have been chosen. Combined extracts of the letter read as follows:

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Dear Mr Myers,

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The device that he [Peter Jones] came up with to use on the tie might be described in heraldic terms as follows, azure on an oval argent between four estoils of the second ovals gules charged with a fleam or the base of the two ovals surmounted of a true lovers knot or a Cavendish knot gules fimbriated agent......it can be said in some confidence that the four white stars are intended to represent the Southern Constellation......The fleam is held by 16th century surgeon Felix Wurtz as the sinister supporter of the Australasian Association of Paediatric Surgeons and its significance as a medical or surgical device is well known......It is more uncertain about the knot. I have described it as a Cavendish knot or a true lovers knot because those two descriptions are customarily used of this particular knot, but there is no real agreement about the general nomenclature applying to cords and on one interpretation it could be called a Bowen knot. 

Your knowledge of the Association will be able to tell whether any Cavendish or Bowen has been associated with the Association.

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The......device did not accordingly get marked in any way of correspondence here [at the College] but I hope these remarks on the pedigree of the device are of assistance to you; and I beg to have the honour, Sir, to be

 

Most sincerely yours,

 

Robert Noel

Bluemantle Pursuivant