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Color Field – Selects a color from the color spectrum, i.e. from the Color Slider.

Color Slider – Specifies the color spectrum for the Color Field.

Color Space – Changes the mode of the color values displayed. Note that changing the mode does not visually affect the color selected. It just changes the numeric values describing the color.

Screen (sRGB) – The color values displayed match the color in the rendered image viewed in sRGB space (the VFB default behavior). This means that if a color is set with exact RGB values, rendered and then picked from the image, the values will match.
Rendering (RGB) – The color values displayed match the color values that V-Ray uses for internal calculations (and the values listed in a .vrscene). This means that if a 0.5 in value, gray color is selected, it will appear bright when rendered and viewed in sRGB space. On the other hand, if two colors are blended with a Mix (Map) Layered texture using the same 0.5 mix color, the result will be exactly 50% color blend. This mode is useful when blending materials or textures with exact color values. It also allows for specifying exact (might be measured) material parameters.
Rendering (ACEScg) – The color values displayed match the color values that V-Ray uses for internal calculations (and the values listed in a .vrscene). This option is available when the Color Management's RGB Primaries option is set to ACEScg.

Range – Changes the RGB color slider ranges. Note that changing the mode does not visually affect the color selected. It just changes the numeric values describing the color.

0.0 to 1.0 – RGB values range from 0 to 1.
0 to 255 – RGB values range from 0 to 255.

R/G/B – Adjusts the Red/Green/Blue value of the respective channel within the selected RGB Range.

H/S/V – Adjusts the Hue/Saturation/Value of the respective channel within the [0 - 1] range.

K – Adjusts the Kelvin temperature. Changing slider values automatically updates the current color. Changing the color updates the temperature (K) value to the closest approximate temperature (based on its RGB value). Note that not every color can be translated to a temperature value. This means that in some situations a slight temperature tweak might result in a relatively big color change.

Previous – The initial slot color. Note that when a new color slot is selected in the Asset Editor (without closing the Color Picker), the Previous swatch is updated.

Current – The current color. Note that there is a live link between the active color slot and the picker. Changing the color leads to an interactive render update. Left-click on the color from this swatch to save it.

Color Slots – Right-click on the slot to save the current color.

Color Assistant

Hue/Sat/Val Variation – Variation of the current color. Clicking on a variation changes the current color in the picker. The variations help view the current color with different HSV values in a given range.

Left-click on a color from the Color Assistant to pick the current color. Right-click on it to use as a base for a color palette.

Delete Option

Allows removal of previously saved color swatches. Right-click on any color swatch to delete it.