RZ Pegasi (RZ Peg) is the small red star in the middle of the image.
This is a variable star of the Mira Ceti type and has a spectral type SC5-9/9-e. Visually, it is observed to be the classic deep-hued red color common to most carbon stars.
RZ Pegasi is a pulsating variable that ranges in visual magnitude from 7.60 to 13.6 over a period of 439.29 days. It too faint to be seen by the naked eye and a telescope is required to view this star.
The star is 1117.0688 parsecs from us which means it is roughly 3643.39 light years away.