Are we talking about the Evenstar, (the pendant given to Aragorn in the movie which has no existence in the Book) or about the 'white jewel' Queen Arwen gives to Frodo, (which may turn out to be the Evenstar in Jackson's movie - we don't know yet).
Jackson is on record as saying the Evenstar does indeed represent Arwen's immortality, as he invented it his word goes.
The white jewel on the other hand seems to hold some kind of magic for it comforts Frodo when the dark memories and pain from his wounds overcome him. But there is no reason to believe it is anything more than an Elven talisman with healing properties.
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