While there are many ways to draw a compass rose, this site provides simple step-by-step instructions for children to draw one. It also provides a review of what the compass rose is.
Click on link for "November 2006 newsletter." Please note that this is a pdf file and will therefore require Adobe Acrobat Reader to view. Partway down page one is a brief review of the compass rose. Page two has the instructions for drawing the compass rose.
You will need the following supplies: