You could gather some of your daughter's art work she's created throughout the years and frame them on a wall or divider covered w/ a black sheet. You could also copy some of them and use for menus or the invitations, etc.
The artwork might be in different types of mediums and also might have been done at different ages of her life. You could have table dedicated to this variety and also include framed pictures of her at the various ages she created the artwork.
This could be displayed on cloth covered table(s). Fresh bouquets of flowers (obtained from your local Aldi Grocery store for 3.99 a bunch or less) can be the simple centerpieces.
Food............. Pasta spirals tossed in marinara or alfredo sauces, Italian meatballs, mini breadsticks, cantalope w/ prosciotto wraps and sparkling grape juices or a punch fountain w/ plastic champagne glasses, or use a punch bowl and have someone serve for you. And the graduation cake could be one from a local bakery w/your daughter's graduation photo transferred onto the cake.... or you could transfer art she's drawn onto the cake.