If it is Suricata you are lookign into, then there documentation mentions that any hexadecimal value should be placed within pipes.
To write for instance http:// in the content of a signature, you
should write it like this: content: “http|3A|//”; If you use a heximal
notation in a signature, make sure you always place it between pipes.
Otherwise the notation will be taken literally as part of the content.
Going with that, you can decipher that the content has 00 in pipes in multiple places.
Therefore, content string actually translates to "xp_cmdshell"
If you want to find out where in the packet it is matching, you need to provide more details from the alert.