I put up this board when I was an assistant in KG. I am not sure why I used orange for the background but I think black will look much better.
Anyway, all you need to do is draw a large spaceship and cut out one star for each of your students. Type out their names and glue them on various bright-colored construction paper ( the bright colors will look cool against the black background) then staple them under or over the stars. I would leave the stars empty until the students start school then take their pictures and glue each picture in each star.