Yeah, it is a vagina.
A cow has only two toes.
http://www.nebraskahistory.org/images/wtp/19319.JPG
Plus the footprint they leave is much more defined than what you have there.
Clean it up, lose the third toe, and it could look ok.
The "horns" on the sides look kinda devilish to me.
Why blue/gray? Cows are neither...
Anway, most of the times simple is better.