I cant find an exact picture of what they sell at the fairs here but...
If you Google Ceiling Tile Memo Board got some similar hits.
Apparently the ceiling tile works like a canvas for peg board, or basically both.
You can also cover it wit fabric to get a more designer look rather than painting look
Anyways if you ever go to the Dahlonega Gold Rush in GA this is where they sell the princess looking ones to match your child