A: Who's calling,please?

B: This is Mom speaking.

What is omitted before 'speaking'?
Is 'who is' dropped before 'speaking'?

Both are fine just as they were written. You could say "This is Mom who is speaking" but the "who is" is assumed, and completely unncessary.

Yes, in the given conversation, "who is" is understood to be dropped before "speaking". The complete sentence would be "This is Mom who is speaking." When someone is introducing themselves on the phone, it is common to omit the "who is" before specifying their name or identity.