This was done for a girlfriend's daughter when she graduated.
I hope to find the pattern again and do a duplicate someday for me.
I remember seeing this in a woman's magazine. (I believe it was Family Circle years ago.) It's done with an afghan hook, making a 3" square that you embroider with different designs, then you switch to a regular hook to finish the lace/popcorn design.
This is just beautiful. I've never found a pattern to match it.