象 in Chinese / Japanese...

象 is the single character that represents an elephant in Chinese, Japanese Kanji, and old Korean Hanja.

I must first say that 現象 is an odd thing to put on a wall scroll in Asian cultures. It won't make a lot of sense alone unless you have a special or personal meaning that you attach to it for yourself.

These two characters mean phenomenon in Chinese, Japanese, and Korean Hanja. They can also be translated as “a happening,” depending on context.

The sum of these characters is a little different than their individual meanings. But I will break it down anyway...
The first character means present, existing, actual, apparent, now, or current.
The second character alone means pattern after, imitate, image, shape, sign (of the times), form, appearance, to be like, to resemble, to take after, to seem, or elephant.

幻像 is a universal word for Illusion in Chinese, Japanese Kanji, and old Korean Hanja.

The first character means phantasm, vision, dream, illusion, apparition, or fantasy.

The second character means statue, picture, image, figure, portrait, shape, form, appearance, to be like, to resemble, to take after, to seem, or in rare/ancient context: an elephant.

Note that the first character can be written without the left-side radical in Chinese. This form is shown to the right. Both forms are acceptable in Chinese but the character shown to the right is more likely to be read as "elephant."