In RFC 7986 iCalendar Property Extensions October 2016 a new COLOR property was defined. Currently, the event color in "VEVENT" is nor used as background color of the event. 
 Although it is only a MAY, it would be nice to have the events displayed in their event color. 
   
 5.9.  COLOR Property
   Property Name:  COLOR
   Purpose:  This property specifies a color used for displaying the
      calendar, event, todo, or journal data.
   Value Type:  TEXT
   Property Parameters:  IANA and non-standard property parameters can
      be specified on this property.
   Conformance:  This property can be specified once in an iCalendar
      object or in "VEVENT", "VTODO", or "VJOURNAL" calendar components.
   Description:  This property specifies a color that clients MAY use
      when presenting the relevant data to a user.  Typically, this
      would appear as the "background" color of events or tasks.  The
      value is a case-insensitive color name taken from the CSS3 set of
      names, defined in Section 4.3 of [W3C.REC-css3-color-20110607].
   Format Definition:  This property is defined by the following
      notation:
   color          = "COLOR" colorparam ":" text CRLF
                     ; Value is CSS3 color name
   colorparam     = *(";" other-param)
   Example:  The following is an example of this property:
   COLOR:turquoise 
						
					
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