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I took that star to be a metaphor for power in that stars are inherently "elvish" representing their power to make and sustain beauty. The next phrase in the poem speaks of how the land remains unmarred and unstained. I didn't mean that her Ring represented military might, but a power of protection of a secret place and its beauty.
Now as for Frodo not being able to see Narya, I suppose it might be because Gandalf never came out and showed it to him as Galadriel did.
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'They say that the One will himself enter into Arda, and heal Men and all the Marring from the beginning to the end."
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