I found something online that supports the wheel of fortune interpretation.
Here is a snip from a description of the book in the British Royal Collections
http://www.royalcollection.org.uk/co...719/theuerdank
Quote:
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...... A key was provided at the end of the work to inform the reader of the real identity of the main characters: the knight Theuerdank (Maximilian) journeys to claim his bride Ernreich (Rich in Honour; Mary) after the death of her father Romreich (Rich in Fame; Charles), accompanied always by his faithful squire Ernhold (Steadfastly Honoured), who is depicted with the wheel of fortune on his tunic. .....
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Mac