You're right...couldn't find it in the manual. How stupid is that? A new feature not included in the new manual. My apologies. I won't be recommending THAT anymore.
Anyway...I am not on 7 yet but I would think it would be as easy as right-clicking on the Sequence in the Browser, selecting "Label" and choosing a color from the drop-down.
When life gives you dilemmas...make dilemmanade.