From the Super Mario Wiki
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Princess Peach initiates the shot by dribbling in a triangle, with pink hearts flowing into her. If the ball is shot inside the three-pointer line, she lifts her left hand and casts the ball magically in the hoop, hearts trailing behind it. When the ball lands in, two giant hearts made of many smaller hearts appear.
If she shoots the ball outside the three-pointer line, she jumps into the air and extend her arms and legs to cast the ball near the hoop. As usual, a teammate needs to catch it and dunk it through. The two giant hearts still appear, however.