Hi All
I found the answer to my own question but for anyone else who is wondering:

Color Coding a Shared Calendar
Assign each user a Label color and if they forget to use their label color,
you can create a custom view to apply the colors. Create a custom view by
selecting the View, [OL2003: Arrange By], Current View, Define Views, New
Day/Week/Month view) for the calendar and use Automatic Formatting to
color-code the items based on the Organizer field.
Tanya