A swoon-worthy scene of knightly jousting. Ladies are excited, and that seems to be an understatement… (Kudos to the artist for the awesome facial expressions!)
Usual Codex Manesse garb on the females - cotes and surcotes (of which at least two are sleeveless and two with a golden band around the neckline), barbettes and wrinkled fillets or chaplets.
The two gentlemen are armoured in chainmail and are wearing belted sleeveless surcotes - heraldic tabards - on top. Their horse are caparisoned in the colours of their riders’ tabards - note that even the fur (probably vair, that is squirrel) linings are the same.