This pair of equestrians depicts a circus reenactment of a hunt, rather than a real-life event. In the early nineteenth century, women generally did not hunt because hunting was not a genteel pastime. Remember that the circus then was a relatively new entertainment genre, and it was all about equestrianism. Circuses reenacted hunts, and women, the circus's glamorous equestrienne stars, participated in these staged events.
P.S. Don't overlook the sweet little dogs on the bases!