粉色 technically means pastel colors.
I am not an artist but I would say it is those pale, soothing colours such as baby blue, pink, peach and etc. If you specifically wanted a pink, you would mention 粉红色. It literally means pale shade of red.
Deshawn and Jocelin did explain the meaning of 粉 to you.
What I would like to add is, 粉 has been associated with pop culture too.
For example, the word fan has been literally translated into 粉丝 . You could have have guessed it! It sounded like fans, with a stress of the 'S' behind the 粉 .
I've even heard of slang saying "我是你的粉", dropping the 丝. to means i admire and have great interest in you.
Just my 2 cents worth.