You could do things the other way around, although how suitable this is depends on exactly what you're doing.
If you apply a color/label to some files and folders, you can then generate a collection of everything which has that color/label by using the Find panel.
The collection would not automatically update, so you'd need to re-run the Find tool to do that, but it gives you a way to get a list of everything with a label.
(You can make a command which lets you update the collection in one push of a button or hotkey, without having to use the find panel each time.)
Note that labels apply to paths, not to the actual files. If you move, delete or rename a file, the label still points to the old path and does not apply to the old file anymore; it will apply to a new file (if any) which has the original path and name.
(If you use Descriptions instead of Labels, they can move with the file, although they will be lost for some file formats if the file is archives or copied to a non-NTFS drive.)