In addition you can use
ZO_ColorDef in order to simplify the handling of everything related to colors. Your example would then look like this:
Lua Code:
local myIcon = zo_iconFormatInheritColor(texturePath, textureSize, textureSize)
local MY_COLOR = ZO_ColorDef:New("FF0000")
label:SetText(MY_COLOR:Colorize(myIcon))
There are also a lot of predefined colors used by the game. You can find them in
defaultcolordefs.lua.
p.s. in Lua you'd
typically use lower_case or camelCase names for regular variables and ALL_CAPS for constants. Only classes or (at least in ESO) functions should use an uppercase letter.