There is no schema or documentation defining the structure of the target definition file (.target). This is due to the fact that the file structure is not intended for the API (it can change between versions).
The structure has changed several times. The code used to serialize / deserialize a file can be found in the following classes:
org.eclipse.pde.internal.core.target.TargetDefinitionPersistenceHelper
org.eclipse.pde.internal.core.target.TargetPersistence38Helper
org.eclipse.pde.internal.core.target.TargetPersistence36Helper
org.eclipse.pde.internal.core.target.TargetPersistence35Helper
org.eclipse.pde.internal.core.target.TargetPersistence34Helper
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