“Palden Lama is a glorious goddess which is a Tibetan form of Shridevi, the dark emanation of Vajra Sarasvati (origination of Tara, Prajnaparamita). We can think of Palden Lama as the Tara, but super wrathful, awesome in her power, aggressive; nothing can stand against her.
According to one of the myth, Palden Lama was married to an evil king of lanka, who was also known to be enemy of dharma. It is said that at the protector of the lake Lama La-tso (Oracle Lake) which is situated southeast of Lhasa, Tibet is Palden Lama. It is also considered as one of the sacred lake.