I'll guess that it says: Our Lady of Perpetual Peace (or Help).
Our Lady of Perpetual Help or Our Mother of Perpetual Help is a title given to the Blessed Virgin Mary, associated with a Byzantine icon of the same name, said to be 13th or 14th century, but perhaps 15th century. The icon has been in Rome since at least the late 15th century.
The image is very popular among Catholics in particular, and has been much copied and reproduced. Reproductions are sometimes displayed in homes or elsewhere. Catholics have, for centuries, prayed to the Blessed Virgin that she intercede on their behalf with Christ. On the current Roman Catholic calendar of saints Our Lady of Perpetual Help is commemorated on June 27.
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Source: Wikipedia