No, because as you pointed out, the colors are specific to each user. I don't think Microsoft realized how widely people were using color labels in that fashion.

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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/article.aspx?id=54
> We use a department calendar in the public folders as a quick view of days
> off, meetings, etc. In 2003 we had assigned the color labels for each user
> and it was specific to that calendar. Now with 2007 it looks like each
> person has there own set of category colors. Can we set a master group of
> colors specific to this public calendar?