The Om symbol represents awareness, Maya and the three states – waking, dreaming and deep sleep. The lower left curve (bottom half of the 3) represents the waking state, where awareness is projected outward. The waker is reflected consciousness called vishwa, the reflective medium is the gross body. In the waking state, the jiva or embodied soul interacts with creation via the five senses.
The curve or circle in this depiction on the right, represents the dream state where awareness is turned inward. Dream content is illuminated by the light of awareness. The dreamer or reflected consciousness is called taijasa and the reflective medium, the subtle body (mind, intellect and ego).
The upper left curve (top of 3) represents deep sleep, the unconscious or seed state where the bliss of the 5th kosha or sheath is present. The deep sleeper, reflected consciousness, is called prajna, the reflective medium is the causal body.
The curved dash under the dot represents Maya, a power within awareness (beautiful intelligent ignorance) which veils awareness and gives rise to the three states, five elements, three bodies (gross, subtle and causal), five sheaths (physical, pranic, psycho-emotional, wisdom/intellect and bliss), and all manifest creation.
Finally, the dot above Maya, which is Satya, represents the true Self, also known as Brahman, consciousness and awareness.