Although it's not something used in all Pagan traditions, some magical systems connect different colors to the points of the pentacle. As part of that, the colors are often associated with the four cardinal elements -- earth, air, fire and water -- as well as spirit, which is sometimes considered the "fifth element."
In traditions that assign colors to the points of the star:
The point on the upper right is associated with air, and is typically colored white or yellow. It is connected with knowledge and the creative arts.
The next point down, on the lower right, is fire, would be colored red. It is associated with courage and passion.
The lower left, earth, is usually colored brown or green. It is connected to physical endurance, strength, and stability.
The upper left, water, would be blue, and represents emotions and intuition.
Finally, the top point would be either Spirit or self, depending on your tradition.
Different systems mark this point in a number of different colors, such as purple or silver, and it symbolizes our connection to the One, the Divine, our true self.