A woman wearing a red helmet is holding a rope and smiling.
A woman is trying to lasso a cow that escaped.
A woman wearing a helmet and holding a rope does not imply that she is trying to lasso a cow, or that a cow escaped.
Holding a rope does not imply trying to lasso a cow that escaped.
The sentence doesn't say the woman is trying to use the rope she has as a lasso, that there is a cow, or that anything escaped.