No, there isn't. Your Red=Important might be someone else's Red=Ignore This. Therefore, Outlook does not send any color label information with meeting requests.

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Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
http://www.turtleflock.com/olconfig/index.htm
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers
http://www.outlookcode.com/jumpstart.aspx
>I want the color label to go with the meeting invitation so it automatically
> labels the invitees calendar. Is there a way to do this?