Guichenotia asteriskos is a dwarf, spreading shrub that typically grows to 20–35 cm (7.9–13.8 in) high and wide, its new growth covered with white, star-shaped hairs.

There are five petal-like sepals 5–8 mm (0.20–0.31 in) long divided for three-quarters of their length, and there are tiny, dark red petals but no staminodes.

[2][3] Guichenotia asteriskos was first formally described in 2003 by Carolyn F. Wilkins in Australian Systematic Botany from specimens she collected near Newdegate in 1995.

[2][5] This species of guichenotia grows as an understorey plant in shrubland in the Avon Wheatbelt, Mallee and Esperance Plains bioregions of south-western Western Australia.

[2][3] Guichenotia asteriskos is listed as "Priority Two" by the Western Australian Government Department of Biodiversity, Conservation and Attractions,[3] meaning that it is poorly known and from only one or a few locations.