The pentagram is of course one of the most widely used occult symbols. There are many, many ways to interpret its symbolism, and no interpretation is any more or less correct than another.
I've previously written about the downward pointing pentagram as a symbol of the Qabalistic Tree of Life. But here's another, very simple suggestion, with some Wiccan flavour: the downward pointing pentagram represents the Horned God, while the upward pointing pentagram represents the Goddess.
Associating the pentagram with two points upward with a horned figure is of course blatantly obvious. It is of course particularly associated with the figure of the goat's head, as in the so-called Sigil of Bathomet, used as the symbol of the Church of Satan. But the goat is of course equally associated with pagan Pan, there is no reason whatsoever to view it as Satanic, let alone 'evil'.
The pentagram with one point upward, on the other hand, is sometimes associated with the human body, traced inside the symbol with arms cast wide open. This welcoming pose seems perfect for the Goddess.
Individual points of the pentagrams don't really need specific associations of themselves, I think. No need to overly complicate things, particularly when it comes to more down-to-earth pagan practises. (Although if you wish to use correspondences, such as the traditional elements, by all means do.)