It sounds like a piece of a dress perhaps? I know that when I was little my mother use to write my name on the tags of my dresses and shirts. Just a thought.
I've got blue, and I've got lace, but there is nothing at all with the two together, and nothing whatsoever made of fabric with her name written or embroidered on it. Maybe if I had a little more background about what significance this is supposed to have, I might think of somewhere else to look, but as it is, I have been into the attic, the trunks, and the storage boxes, and there's just nothing there which fits this description. Also, you KNOW that I never throw anything away!