In episode 150 of Yu-Gi-Oh! 5D's, when this monster is Summoned and descends from above the sky, it resembles what a real quasar looks like: a giant vortex of gas with a jet of light emitting from its middle.
Since a quasar is a mass of extremely fast spinning matter around supermassive black holes, this card's name might be referring to the spinning Ener-D that enables Synchro Summons and the fact that it is Summoned by a highly-evolved version of the Synchro Summon.
The bond of Team 5D's is also shown in this card's artwork, with 6 "Synchro Rings" behind it, each colored differently.
This card's effect is similar to (if not reminiscent of) the effect from "Stardust Dragon/Assault Mode". "Shooting Quasar Dragon" can negate any card effect and Special Summon "Shooting Star Dragon" from the Extra Deck when it leaves the field, much like how "Stardust Dragon/Assault Mode" can negate any card effect and Special Summons "Stardust Dragon" when it's destroyed and sent to the Graveyard.
This monster's body resembles the "Timelords", the monsters that this card came about to counter in the anime.