There are many models for understanding, describing, and communicating color. Albert H. Munsell developed a system that’s very appropriate to our work as painters. In fact, it’s used by geologists to describe soil and rock samples, governments for noting standard colors for signage and such, and is generally a quite adaptable notation system. Follow this link for more on the Munsell color system.
If you’re familiar with the HSB color model used in much computer software, you’ll no doubt see similarities. HSB however is based on a spherical model, and so has value and chroma tied together. Lightening a color will reduce its saturation, for example. Using the color sliders in Adobe Creative Cloud, you can not change only one dimension, value or chroma. Changing one will change the other.
Faber Birren
Birren was another color theorist whose work extended beyond fine art into commerce and industry. You can read more about him here. Here’s an illustration of his color triangle.
Birren color triangle
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