You can use the TypeDescriptor class to handle this.
Color redColor = (Color)TypeDescriptor.GetConverter(typeof(Color)).ConvertFromString('Red');
string redString = TypeDescriptor.GetConverter(typeof(Color)).ConvertToString(Color.Red);
You can also use code such as
System.Drawing.ColorConverter ccv = new System.Drawing.ColorConverter();
this.BackColor = (Color) ccv.ConvertFromString('Red');
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