public Color Color { get; set; }

Public Property Color As Color

Imports Microsoft.VisualBasic
Imports System
Imports System.Collections.Generic
Imports System.Linq
Imports System.Text
Imports System.Windows
Imports System.Windows.Controls
Imports System.Windows.Data
Imports System.Windows.Documents
Imports System.Windows.Input
Imports System.Windows.Media
Imports System.Windows.Media.Imaging
Imports System.Windows.Navigation
Imports System.Windows.Shapes
Imports DevExpress.Xpf.Editors

Namespace DXEditors_PopupColorEdit
    ''' <summary>
    ''' Interaction logic for MainWindow.xaml
    ''' </summary>
    Partial Public Class MainWindow
        Inherits Window
        Public Sub New()
            InitializeComponent()
            ' Removes the 'Standard Colors' palette.
            popupColorEdit1.Palettes.Remove(popupColorEdit1.Palettes("Standard Colors"))
            ' Adds a custom gradient palette.
            popupColorEdit1.Palettes.Add(CustomPalette.CreateGradientPalette("Apex Colors", PredefinedColorCollections.Apex))
            ' Adds a new palette with three custom RGB colors.
            Dim customColors As List(Of Color) = New List(Of Color)
            customColors.Add(Color.FromRgb(150, 18, 30))
            customColors.Add(Color.FromRgb(20, 40, 20))
            customColors.Add(Color.FromRgb(88, 73, 29))
            Dim palette As CustomPalette = New CustomPalette("Custom RGB Colors", customColors)
            popupColorEdit1.Palettes.Add(palette)
        End Sub
    End Class
End Namespace

<Window x:Class="DXEditors_PopupColorEdit.MainWindow" xmlns="http://schemas.microsoft.com/winfx/2006/xaml/presentation" xmlns:x="http://schemas.microsoft.com/winfx/2006/xaml" Title="MainWindow" Height="350" Width="525" xmlns:dxe="http://schemas.devexpress.com/winfx/2008/xaml/editors" xmlns:dxc="http://schemas.devexpress.com/winfx/2008/xaml/core">
    <Grid>
        <Grid.Resources>
            <ResourceDictionary>
                <dxc:ColorToBrushConverter x:Key="ColorToBrushConverter" />
            </ResourceDictionary>
        </Grid.Resources>
        <Grid.RowDefinitions>
            <RowDefinition Height="Auto" />
            <RowDefinition />
        </Grid.RowDefinitions>
        <GroupBox Header="Text Color" Grid.Row="0" HorizontalAlignment="Left" Margin="3" Name="groupBox1" VerticalAlignment="Top">
            <Grid>
                <dxe:PopupColorEdit Name="popupColorEdit1" Color="Green" Width="130" />
            </Grid>
        </GroupBox>
        <GroupBox HorizontalAlignment="Stretch" Header="Text Box" Grid.Row="1" Margin="3" Name="groupBox2" VerticalAlignment="Stretch">
            <Grid>
                <TextBox Text="Sample text..." Grid.Column="1" Foreground="{Binding Path=Color, ElementName=popupColorEdit1, Converter={StaticResource ColorToBrushConverter}}" Margin="3" Name="textBox1" />
            </Grid>
        </GroupBox>
    </Grid>
</Window>

using System;
using System.Collections.Generic;
using System.Linq;
using System.Text;
using System.Windows;
using System.Windows.Controls;
using System.Windows.Data;
using System.Windows.Documents;
using System.Windows.Input;
using System.Windows.Media;
using System.Windows.Media.Imaging;
using System.Windows.Navigation;
using System.Windows.Shapes;
using DevExpress.Xpf.Editors;

namespace DXEditors_PopupColorEdit {
    /// <summary>
    /// Interaction logic for MainWindow.xaml
    /// </summary>
    public partial class MainWindow : Window {
        public MainWindow() {
            InitializeComponent();
            // Removes the 'Standard Colors' palette.
            popupColorEdit1.Palettes.Remove(popupColorEdit1.Palettes["Standard Colors"]);
            // Adds a custom gradient palette.
            popupColorEdit1.Palettes.Add(CustomPalette.CreateGradientPalette("Apex Colors", PredefinedColorCollections.Apex));
            // Adds a new palette with three custom RGB colors.
            popupColorEdit1.Palettes.Add(
                new CustomPalette("Custom RGB Colors",
                new List<Color>() {
                    Color.FromRgb(150, 18, 30),
                    Color.FromRgb(20, 40, 20),
                    Color.FromRgb(88, 73, 29) }));
        }
    }
}

Margin="10,10,10,10"
Color="{Binding ElementName = scheduler, Path= LabelItems[1].Color ,
                Mode=TwoWay, UpdateSourceTrigger=PropertyChanged}" />